Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,956/mo
Lowest payment- Down payment
- $179,662
- Funds due
- $197,433
- Interest + MI left
- $662,927
- First ends
- Nov 2055
Assumption
Assumption + second
$4,748/mo
+$792/mo- Down payment
- $71,662
- Funds due
- $90,896
- Interest + MI left
- $840,215
- First ends
- Nov 2055
New loan
New conventional
$4,990/mo
+$1,034/mo- Down payment
- $71,662
- Funds due
- $85,517
- Interest + MI left
- $940,667
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $535,338 | $535,338 | $643,338 |
| Second mortgage | — | $108,000 | — |
| First P&I | $3,453.21 | $3,453.21 | $4,358.20 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $128.67 |
| Taxes, insurance & HOA | $502.67 | $502.67 | $502.67 |
| Total housing payment | $3,955.88 | $4,748.35 | $4,989.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,662
Closing costs & prepaids$19,234
Usable credit−$0
Total buyer cash needed$90,896
Earnest money paid−$0
Remaining funds due$90,896
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%)$2,676.69
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)$868.57
Prepaid interest, second (9 days)$213.04
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 11 moOf the original 30-year loan at 6.58%
Interest already paid$38,412Through Dec 2026
Assumption only · ends Nov 2055$662,927
Assumption + second · ends Nov 2055, second Jan 2057$840,215
New conventional · ends Jan 2057$940,667