Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,035/mo
Lowest payment- Down payment
- $258,136
- Funds due
- $276,886
- Interest + MI left
- $630,243
- First ends
- Nov 2054
Assumption
Assumption + second
$5,341/mo
+$1,306/mo- Down payment
- $80,136
- Funds due
- $100,488
- Interest + MI left
- $922,440
- First ends
- Nov 2054
New loan
New conventional
$5,557/mo
+$1,521/mo- Down payment
- $80,136
- Funds due
- $94,993
- Interest + MI left
- $1,052,414
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $541,764 | $541,764 | $719,764 |
| Second mortgage | — | $178,000 | — |
| First P&I | $3,498.53 | $3,498.53 | $4,875.93 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | — | — | $143.95 |
| Taxes, insurance & HOA | $536.67 | $536.67 | $536.67 |
| Total housing payment | $4,035.19 | $5,341.30 | $5,556.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,136
Closing costs & prepaids$20,351
Usable credit−$0
Total buyer cash needed$100,488
Earnest money paid−$0
Remaining funds due$100,488
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,708.82
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)$960.00
Prepaid interest, first (9 days)$864.30
Prepaid interest, second (9 days)$351.12
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 closing27 yr 11 moOf the original 30-year loan at 6.47%
Interest already paid$73,990Through Dec 2026
Assumption only · ends Nov 2054$630,243
Assumption + second · ends Nov 2054, second Jan 2057$922,440
New conventional · ends Jan 2057$1,052,414