Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,959/mo
Lowest payment- Down payment
- $229,261
- Funds due
- $243,953
- Interest + MI left
- $458,512
- First ends
- Dec 2054
Assumption
Assumption + second
$4,163/mo
+$1,203/mo- Down payment
- $65,261
- Funds due
- $81,239
- Interest + MI left
- $727,727
- First ends
- Dec 2054
New loan
New conventional
$4,516/mo
+$1,557/mo- Down payment
- $65,261
- Funds due
- $76,452
- Interest + MI left
- $886,796
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,739 | $420,739 | $584,739 |
| Second mortgage | — | $164,000 | — |
| First P&I | $2,609.05 | $2,609.05 | $4,048.61 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | — | — | $116.95 |
| Taxes, insurance & HOA | $350.17 | $350.17 | $350.17 |
| Total housing payment | $2,959.22 | $4,162.59 | $4,515.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,261
Closing costs & prepaids$15,978
Usable credit−$0
Total buyer cash needed$81,239
Earnest money paid−$0
Remaining funds due$81,239
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,103.70
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)$550.50
Prepaid interest, first (1 days)$70.20
Prepaid interest, second (1 days)$35.95
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 1 moOf the original 30-year loan at 6.090%
Interest already paid$49,747Through Nov 2026
Assumption only · ends Dec 2054$458,512
Assumption + second · ends Dec 2054, second Dec 2056$727,727
New conventional · ends Dec 2056$886,796