Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,907/mo
Lowest payment- Down payment
- $104,931
- Funds due
- $118,429
- Interest + MI left
- $458,284
- First ends
- May 2056
Assumption
Assumption + second
$3,341/mo
+$434/mo- Down payment
- $50,931
- Funds due
- $65,692
- Interest + MI left
- $560,703
- First ends
- May 2056
New loan
New conventional
$3,695/mo
+$788/mo- Down payment
- $50,931
- Funds due
- $61,176
- Interest + MI left
- $680,802
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $394,969 | $394,969 | $448,969 |
| Second mortgage | — | $54,000 | — |
| First P&I | $2,410.32 | $2,410.32 | $3,108.57 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | — | — | $89.79 |
| Taxes, insurance & HOA | $496.50 | $496.50 | $496.50 |
| Total housing payment | $2,906.82 | $3,341.31 | $3,694.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,931
Closing costs & prepaids$14,761
Usable credit−$0
Total buyer cash needed$65,692
Earnest money paid−$0
Remaining funds due$65,692
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,974.84
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)$635.50
Initial HOA (3 months)$354.00
Prepaid interest, first (1 days)$66.12
Prepaid interest, second (1 days)$13.32
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 closing29 yr 6 moOf the original 30-year loan at 6.110%
Interest already paid$12,108Through Nov 2026
Assumption only · ends May 2056$458,284
Assumption + second · ends May 2056, second Dec 2056$560,703
New conventional · ends Dec 2056$680,802