Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,485/mo
Lowest payment- Down payment
- $54,628
- Funds due
- $68,762
- Interest + MI left
- $603,968
- First ends
- Dec 2055
Assumption
Assumption + second
$3,750/mo
+$265/mo- Down payment
- $28,628
- Funds due
- $44,020
- Interest + MI left
- $673,346
- First ends
- Dec 2055
New loan
New conventional
$4,113/mo
+$628/mo- Down payment
- $28,628
- Funds due
- $39,152
- Interest + MI left
- $816,233
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $510,372 | $510,372 | $536,372 |
| Second mortgage | — | $26,000 | — |
| First P&I | $3,192.95 | $3,192.95 | $3,713.73 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $107.27 |
| Taxes, insurance & HOA | $292.17 | $292.17 | $292.17 |
| Total housing payment | $3,485.12 | $3,750.06 | $4,113.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,628
Closing costs & prepaids$15,393
Usable credit−$0
Total buyer cash needed$44,020
Earnest money paid−$0
Remaining funds due$44,020
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,551.86
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)$40.50
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$88.09
Prepaid interest, second (1 days)$8.46
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 1 moOf the original 30-year loan at 6.300%
Interest already paid$29,648Through Nov 2026
Assumption only · ends Dec 2055$603,968
Assumption + second · ends Dec 2055, second Dec 2056$673,346
New conventional · ends Dec 2056$816,233