Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,855/mo
Lowest payment- Down payment
- $257,562
- Funds due
- $275,005
- Interest + MI left
- $633,167
- First ends
- Nov 2054
Assumption
Assumption + second
$5,153/mo
+$1,299/mo- Down payment
- $80,562
- Funds due
- $99,294
- Interest + MI left
- $923,722
- First ends
- Nov 2054
New loan
New conventional
$5,481/mo
+$1,626/mo- Down payment
- $80,562
- Funds due
- $93,744
- Interest + MI left
- $1,090,924
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $542,338 | $542,338 | $719,338 |
| Second mortgage | — | $177,000 | — |
| First P&I | $3,498.53 | $3,498.53 | $4,980.55 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | — | — | $143.87 |
| Taxes, insurance & HOA | $356.08 | $356.08 | $356.08 |
| Total housing payment | $3,854.61 | $5,153.37 | $5,480.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,562
Closing costs & prepaids$18,732
Usable credit−$0
Total buyer cash needed$99,294
Earnest money paid−$0
Remaining funds due$99,294
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,711.69
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)$418.25
Prepaid interest, first (1 days)$96.14
Prepaid interest, second (1 days)$38.79
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 yrOf the original 30-year loan at 6.470%
Interest already paid$71,066Through Nov 2026
Assumption only · ends Nov 2054$633,167
Assumption + second · ends Nov 2054, second Dec 2056$923,722
New conventional · ends Dec 2056$1,090,924