Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,898/mo
Lowest payment- Down payment
- $79,118
- Funds due
- $95,109
- Interest + MI left
- $622,733
- First ends
- Aug 2056
Assumption
Assumption + second
$4,407/mo
+$510/mo- Down payment
- $29,118
- Funds due
- $46,457
- Interest + MI left
- $756,154
- First ends
- Aug 2056
New loan
New conventional
$4,562/mo
+$665/mo- Down payment
- $29,118
- Funds due
- $41,662
- Interest + MI left
- $800,971
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $495,782 | $495,782 | $545,782 |
| Second mortgage | — | $50,000 | — |
| First P&I | $3,141.90 | $3,141.90 | $3,697.32 |
| Second P&I | — | $509.50 | — |
| Mortgage insurance | — | — | $109.16 |
| Taxes, insurance & HOA | $755.67 | $755.67 | $755.67 |
| Total housing payment | $3,897.57 | $4,407.07 | $4,562.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,118
Closing costs & prepaids$17,339
Usable credit−$0
Total buyer cash needed$46,457
Earnest money paid−$0
Remaining funds due$46,457
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,478.91
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)$690.00
Initial HOA (3 months)$1,077.00
Prepaid interest, first (6 days)$528.93
Prepaid interest, second (6 days)$97.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 8 moOf the original 30-year loan at 6.49%
Interest already paid$10,750Through Dec 2026
Assumption only · ends Aug 2056$622,733
Assumption + second · ends Aug 2056, second Jan 2057$756,154
New conventional · ends Jan 2057$800,971