Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,334/mo
Lowest payment- Down payment
- $72,648
- Funds due
- $86,391
- Interest + MI left
- $565,034
- First ends
- Apr 2055
Assumption
Assumption + second
$3,793/mo
+$459/mo- Down payment
- $27,648
- Funds due
- $42,655
- Interest + MI left
- $685,112
- First ends
- Apr 2055
New loan
New conventional
$3,979/mo
+$645/mo- Down payment
- $27,648
- Funds due
- $37,978
- Interest + MI left
- $788,050
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $472,852 | $472,852 | $517,852 |
| Second mortgage | — | $45,000 | — |
| First P&I | $3,043.65 | $3,043.65 | $3,585.50 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | — | — | $103.57 |
| Taxes, insurance & HOA | $290.42 | $290.42 | $290.42 |
| Total housing payment | $3,334.07 | $3,792.62 | $3,979.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,648
Closing costs & prepaids$15,007
Usable credit−$0
Total buyer cash needed$42,655
Earnest money paid−$0
Remaining funds due$42,655
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,455.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,364.26
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)$371.25
Prepaid interest, first (1 days)$84.21
Prepaid interest, second (1 days)$14.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 6.500%
Interest already paid$49,143Through Nov 2026
Assumption only · ends Apr 2055$565,034
Assumption + second · ends Apr 2055, second Dec 2056$685,112
New conventional · ends Dec 2056$788,050