Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,070/mo
Lowest payment- Down payment
- $91,519
- Funds due
- $107,091
- Interest + MI left
- $659,172
- First ends
- Feb 2055
Assumption
Assumption + second
$4,312/mo
+$241/mo- Down payment
- $61,519
- Funds due
- $78,349
- Interest + MI left
- $716,071
- First ends
- Feb 2055
New loan
New conventional
$4,521/mo
+$450/mo- Down payment
- $61,519
- Funds due
- $73,085
- Interest + MI left
- $837,875
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $522,481 | $522,481 | $552,481 |
| Second mortgage | — | $30,000 | — |
| First P&I | $3,485.70 | $3,485.70 | $3,825.27 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $110.50 |
| Taxes, insurance & HOA | $584.75 | $584.75 | $584.75 |
| Total housing payment | $4,070.45 | $4,311.84 | $4,520.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,519
Closing costs & prepaids$16,830
Usable credit−$0
Total buyer cash needed$78,349
Earnest money paid−$0
Remaining funds due$78,349
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,140.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,612.41
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)$889.25
Initial HOA (3 months)$365.01
Prepaid interest, first (1 days)$97.91
Prepaid interest, second (1 days)$7.40
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 3 moOf the original 30-year loan at 6.840%
Interest already paid$63,181Through Nov 2026
Assumption only · ends Feb 2055$659,172
Assumption + second · ends Feb 2055, second Dec 2056$716,071
New conventional · ends Dec 2056$837,875