Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,697/mo
Lowest payment- Down payment
- $175,555
- Funds due
- $191,121
- Interest + MI left
- $637,792
- First ends
- Oct 2055
Assumption
Assumption + second
$4,489/mo
+$792/mo- Down payment
- $67,555
- Funds due
- $84,395
- Interest + MI left
- $815,079
- First ends
- Oct 2055
New loan
New conventional
$4,747/mo
+$1,050/mo- Down payment
- $67,555
- Funds due
- $79,187
- Interest + MI left
- $921,231
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $499,445 | $499,445 | $607,445 |
| Second mortgage | — | $108,000 | — |
| First P&I | $3,277.34 | $3,277.34 | $4,205.83 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $121.49 |
| Taxes, insurance & HOA | $419.67 | $419.67 | $419.67 |
| Total housing payment | $3,697.01 | $4,489.47 | $4,746.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,555
Closing costs & prepaids$16,840
Usable credit−$0
Total buyer cash needed$84,395
Earnest money paid−$0
Remaining funds due$84,395
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,497.23
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)$558.00
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$92.36
Prepaid interest, second (1 days)$23.67
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 11 moOf the original 30-year loan at 6.750%
Interest already paid$36,755Through Nov 2026
Assumption only · ends Oct 2055$637,792
Assumption + second · ends Oct 2055, second Dec 2056$815,079
New conventional · ends Dec 2056$921,231