Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,534/mo
Lowest payment- Down payment
- $442,954
- Funds due
- $464,889
- Interest + MI left
- $656,428
- First ends
- Feb 2056
Assumption
Assumption + second
$6,984/mo
+$2,450/mo- Down payment
- $100,954
- Funds due
- $124,430
- Interest + MI left
- $1,196,474
- First ends
- Feb 2056
New loan
New conventional
$7,294/mo
+$2,761/mo- Down payment
- $100,954
- Funds due
- $118,620
- Interest + MI left
- $1,299,070
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $557,046 | $557,046 | $899,046 |
| Second mortgage | — | $342,000 | — |
| First P&I | $3,467.07 | $3,467.07 | $6,047.94 |
| Second P&I | — | $2,450.13 | — |
| Mortgage insurance | — | — | $179.81 |
| Taxes, insurance & HOA | $1,066.67 | $1,066.67 | $1,066.67 |
| Total housing payment | $4,533.74 | $6,983.87 | $7,294.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,954
Closing costs & prepaids$23,476
Usable credit−$0
Total buyer cash needed$124,430
Earnest money paid−$0
Remaining funds due$124,430
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,785.23
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)$2,550.00
Prepaid interest, first (4 days)$382.15
Prepaid interest, second (4 days)$290.47
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 closing29 yr 2 moOf the original 30-year loan at 6.26%
Interest already paid$29,217Through Dec 2026
Assumption only · ends Feb 2056$656,428
Assumption + second · ends Feb 2056, second Jan 2057$1,196,474
New conventional · ends Jan 2057$1,299,070