Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,003/mo
Lowest payment- Down payment
- $172,737
- Funds due
- $187,314
- Interest + MI left
- $418,532
- First ends
- Dec 2054
Assumption
Assumption + second
$3,861/mo
+$859/mo- Down payment
- $55,737
- Funds due
- $71,693
- Interest + MI left
- $610,593
- First ends
- Dec 2054
New loan
New conventional
$4,081/mo
+$1,079/mo- Down payment
- $55,737
- Funds due
- $67,243
- Interest + MI left
- $722,694
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $377,263 | $377,263 | $494,263 |
| Second mortgage | — | $117,000 | — |
| First P&I | $2,368.44 | $2,368.44 | $3,348.31 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | — | — | $98.85 |
| Taxes, insurance & HOA | $634.17 | $634.17 | $634.17 |
| Total housing payment | $3,002.60 | $3,861.11 | $4,081.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,737
Closing costs & prepaids$15,955
Usable credit−$0
Total buyer cash needed$71,693
Earnest money paid−$0
Remaining funds due$71,693
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,886.31
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)$1,402.50
Prepaid interest, first (5 days)$320.42
Prepaid interest, second (5 days)$128.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 yrOf the original 30-year loan at 6.2%
Interest already paid$47,402Through Dec 2026
Assumption only · ends Dec 2054$418,532
Assumption + second · ends Dec 2054, second Jan 2057$610,593
New conventional · ends Jan 2057$722,694