Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,642/mo
Lowest payment- Down payment
- $97,029
- Funds due
- $112,531
- Interest + MI left
- $583,942
- First ends
- Dec 2054
Assumption
Assumption + second
$3,939/mo
+$298/mo- Down payment
- $60,029
- Funds due
- $76,863
- Interest + MI left
- $654,118
- First ends
- Dec 2054
New loan
New conventional
$4,173/mo
+$531/mo- Down payment
- $60,029
- Funds due
- $71,780
- Interest + MI left
- $789,525
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $502,970 | $502,970 | $539,970 |
| Second mortgage | — | $37,000 | — |
| First P&I | $3,234.86 | $3,234.86 | $3,657.94 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $107.99 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $3,641.52 | $3,939.23 | $4,172.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,029
Closing costs & prepaids$16,834
Usable credit−$0
Total buyer cash needed$76,863
Earnest money paid−$0
Remaining funds due$76,863
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,514.85
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)$720.00
Prepaid interest, first (9 days)$798.69
Prepaid interest, second (9 days)$82.11
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 6.44%
Interest already paid$65,606Through Dec 2026
Assumption only · ends Dec 2054$583,942
Assumption + second · ends Dec 2054, second Jan 2057$654,118
New conventional · ends Jan 2057$789,525