Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,277/mo
Lowest payment- Down payment
- $255,287
- Funds due
- $271,497
- Interest + MI left
- $504,730
- First ends
- Nov 2054
Assumption
Assumption + second
$4,635/mo
+$1,357/mo- Down payment
- $70,287
- Funds due
- $88,112
- Interest + MI left
- $808,417
- First ends
- Nov 2054
New loan
New conventional
$4,831/mo
+$1,554/mo- Down payment
- $70,287
- Funds due
- $83,201
- Interest + MI left
- $919,282
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $443,713 | $443,713 | $628,713 |
| Second mortgage | — | $185,000 | — |
| First P&I | $2,831.17 | $2,831.17 | $4,259.12 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | — | — | $125.74 |
| Taxes, insurance & HOA | $446.25 | $446.25 | $446.25 |
| Total housing payment | $3,277.42 | $4,634.89 | $4,831.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,287
Closing costs & prepaids$17,825
Usable credit−$0
Total buyer cash needed$88,112
Earnest money paid−$0
Remaining funds due$88,112
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,218.57
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)$838.75
Prepaid interest, first (9 days)$694.75
Prepaid interest, second (9 days)$364.93
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 11 moOf the original 30-year loan at 6.35%
Interest already paid$59,492Through Dec 2026
Assumption only · ends Nov 2054$504,730
Assumption + second · ends Nov 2054, second Jan 2057$808,417
New conventional · ends Jan 2057$919,282