Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,467/mo
Lowest payment- Down payment
- $111,595
- Funds due
- $131,810
- Interest + MI left
- $888,494
- First ends
- Sep 2055
Assumption
Assumption + second
$5,716/mo
+$249/mo- Down payment
- $80,595
- Funds due
- $102,090
- Interest + MI left
- $947,290
- First ends
- Sep 2055
New loan
New conventional
$5,879/mo
+$412/mo- Down payment
- $80,595
- Funds due
- $95,813
- Interest + MI left
- $1,039,355
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $688,305 | $688,305 | $719,305 |
| Second mortgage | — | $31,000 | — |
| First P&I | $4,570.43 | $4,570.43 | $4,838.81 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $143.86 |
| Taxes, insurance & HOA | $896.58 | $896.58 | $896.58 |
| Total housing payment | $5,467.02 | $5,716.45 | $5,879.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,595
Closing costs & prepaids$21,496
Usable credit−$0
Total buyer cash needed$102,090
Earnest money paid−$0
Remaining funds due$102,090
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%)$3,441.53
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)$2,039.75
Prepaid interest, first (4 days)$516.70
Prepaid interest, second (4 days)$30.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 9 moOf the original 30-year loan at 6.85%
Interest already paid$59,362Through Dec 2026
Assumption only · ends Sep 2055$888,494
Assumption + second · ends Sep 2055, second Jan 2057$947,290
New conventional · ends Jan 2057$1,039,355