Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,085/mo
Lowest payment- Down payment
- $104,947
- Funds due
- $121,337
- Interest + MI left
- $665,826
- First ends
- Jul 2054
Assumption
Assumption + second
$4,399/mo
+$314/mo- Down payment
- $65,947
- Funds due
- $83,674
- Interest + MI left
- $739,795
- First ends
- Jul 2054
New loan
New conventional
$4,500/mo
+$415/mo- Down payment
- $65,947
- Funds due
- $78,277
- Interest + MI left
- $853,982
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $545,053 | $545,053 | $584,053 |
| Second mortgage | — | $39,000 | — |
| First P&I | $3,658.24 | $3,658.24 | $3,956.58 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | — | — | $116.81 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $4,084.91 | $4,398.71 | $4,500.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,947
Closing costs & prepaids$17,726
Usable credit−$0
Total buyer cash needed$83,674
Earnest money paid−$0
Remaining funds due$83,674
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,725.26
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)$916.58
Prepaid interest, second (9 days)$86.55
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 closing27 yr 7 moOf the original 30-year loan at 6.82%
Interest already paid$91,142Through Dec 2026
Assumption only · ends Jul 2054$665,826
Assumption + second · ends Jul 2054, second Jan 2057$739,795
New conventional · ends Jan 2057$853,982