Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,362/mo
Lowest payment- Down payment
- $78,140
- Funds due
- $92,583
- Interest + MI left
- $575,313
- First ends
- May 2056
Assumption
Assumption + second
$3,882/mo
+$520/mo- Down payment
- $27,140
- Funds due
- $42,932
- Interest + MI left
- $711,402
- First ends
- May 2056
New loan
New conventional
$4,001/mo
+$639/mo- Down payment
- $27,140
- Funds due
- $38,321
- Interest + MI left
- $752,656
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $461,860 | $461,860 | $512,860 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,938.17 | $2,938.17 | $3,474.29 |
| Second P&I | — | $519.69 | — |
| Mortgage insurance | — | — | $102.57 |
| Taxes, insurance & HOA | $424.00 | $424.00 | $424.00 |
| Total housing payment | $3,362.16 | $3,881.86 | $4,000.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,140
Closing costs & prepaids$15,792
Usable credit−$0
Total buyer cash needed$42,932
Earnest money paid−$0
Remaining funds due$42,932
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,309.30
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)$648.00
Initial HOA (3 months)$123.99
Prepaid interest, first (6 days)$493.49
Prepaid interest, second (6 days)$99.55
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 5 moOf the original 30-year loan at 6.5%
Interest already paid$17,577Through Dec 2026
Assumption only · ends May 2056$575,313
Assumption + second · ends May 2056, second Jan 2057$711,402
New conventional · ends Jan 2057$752,656