Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,032/mo
Lowest payment- Down payment
- $219,635
- Funds due
- $235,002
- Interest + MI left
- $456,377
- First ends
- Dec 2054
Assumption
Assumption + second
$4,169/mo
+$1,137/mo- Down payment
- $64,635
- Funds due
- $81,558
- Interest + MI left
- $710,818
- First ends
- Dec 2054
New loan
New conventional
$4,435/mo
+$1,403/mo- Down payment
- $64,635
- Funds due
- $76,849
- Interest + MI left
- $841,133
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,265 | $420,265 | $575,265 |
| Second mortgage | — | $155,000 | — |
| First P&I | $2,609.05 | $2,609.05 | $3,897.05 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $115.05 |
| Taxes, insurance & HOA | $422.67 | $422.67 | $422.67 |
| Total housing payment | $3,031.72 | $4,169.06 | $4,434.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,635
Closing costs & prepaids$16,923
Usable credit−$0
Total buyer cash needed$81,558
Earnest money paid−$0
Remaining funds due$81,558
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,101.33
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)$768.00
Prepaid interest, first (9 days)$631.09
Prepaid interest, second (9 days)$305.75
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 6.09%
Interest already paid$51,883Through Dec 2026
Assumption only · ends Dec 2054$456,377
Assumption + second · ends Dec 2054, second Jan 2057$710,818
New conventional · ends Jan 2057$841,133