Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,560/mo
Lowest payment- Down payment
- $150,870
- Funds due
- $166,875
- Interest + MI left
- $553,619
- First ends
- Dec 2054
Assumption
Assumption + second
$4,243/mo
+$684/mo- Down payment
- $65,870
- Funds due
- $83,314
- Interest + MI left
- $714,833
- First ends
- Dec 2054
New loan
New conventional
$4,500/mo
+$940/mo- Down payment
- $65,870
- Funds due
- $78,199
- Interest + MI left
- $853,948
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $499,030 | $499,030 | $584,030 |
| Second mortgage | — | $85,000 | — |
| First P&I | $3,132.88 | $3,132.88 | $3,956.42 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | — | — | $116.81 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $3,559.55 | $4,243.48 | $4,499.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,870
Closing costs & prepaids$17,444
Usable credit−$0
Total buyer cash needed$83,314
Earnest money paid−$0
Remaining funds due$83,314
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,495.15
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$780.00
Prepaid interest, first (9 days)$762.90
Prepaid interest, second (9 days)$188.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing28 yrOf the original 30-year loan at 6.2%
Interest already paid$62,702Through Dec 2026
Assumption only · ends Dec 2054$553,619
Assumption + second · ends Dec 2054, second Jan 2057$714,833
New conventional · ends Jan 2057$853,948