Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,516/mo
Lowest payment- Down payment
- $90,266
- Funds due
- $108,608
- Interest + MI left
- $727,894
- First ends
- Jan 2055
Assumption
Assumption + second
$5,067/mo
+$550/mo- Down payment
- $36,266
- Funds due
- $56,016
- Interest + MI left
- $871,988
- First ends
- Jan 2055
New loan
New conventional
$5,236/mo
+$720/mo- Down payment
- $36,266
- Funds due
- $50,538
- Interest + MI left
- $996,087
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $624,734 | $624,734 | $678,734 |
| Second mortgage | — | $54,000 | — |
| First P&I | $4,013.73 | $4,013.73 | $4,597.98 |
| Second P&I | — | $550.26 | — |
| Mortgage insurance | — | — | $135.75 |
| Taxes, insurance & HOA | $502.67 | $502.67 | $502.67 |
| Total housing payment | $4,516.40 | $5,066.66 | $5,236.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,266
Closing costs & prepaids$19,750
Usable credit−$0
Total buyer cash needed$56,016
Earnest money paid−$0
Remaining funds due$56,016
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,123.67
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$858.00
Prepaid interest, first (9 days)$992.04
Prepaid interest, second (9 days)$158.12
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 yr 1 moOf the original 30-year loan at 6.44%
Interest already paid$78,050Through Dec 2026
Assumption only · ends Jan 2055$727,894
Assumption + second · ends Jan 2055, second Jan 2057$871,988
New conventional · ends Jan 2057$996,087