Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,999/mo
Lowest payment- Down payment
- $92,027
- Funds due
- $107,936
- Interest + MI left
- $628,352
- First ends
- Jun 2055
Assumption
Assumption + second
$4,257/mo
+$257/mo- Down payment
- $60,027
- Funds due
- $77,217
- Interest + MI left
- $689,045
- First ends
- Jun 2055
New loan
New conventional
$4,417/mo
+$418/mo- Down payment
- $60,027
- Funds due
- $72,052
- Interest + MI left
- $780,338
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $507,973 | $507,973 | $539,973 |
| Second mortgage | — | $32,000 | — |
| First P&I | $3,322.59 | $3,322.59 | $3,632.43 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | — | — | $107.99 |
| Taxes, insurance & HOA | $676.67 | $676.67 | $676.67 |
| Total housing payment | $3,999.26 | $4,256.73 | $4,417.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,027
Closing costs & prepaids$17,191
Usable credit−$0
Total buyer cash needed$77,217
Earnest money paid−$0
Remaining funds due$77,217
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,539.87
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)$1,530.00
Prepaid interest, first (4 days)$371.31
Prepaid interest, second (4 days)$31.56
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 6 moOf the original 30-year loan at 6.67%
Interest already paid$51,280Through Dec 2026
Assumption only · ends Jun 2055$628,352
Assumption + second · ends Jun 2055, second Jan 2057$689,045
New conventional · ends Jan 2057$780,338