Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,835/mo
Lowest payment- Down payment
- $406,342
- Funds due
- $423,430
- Interest + MI left
- $425,159
- First ends
- Mar 2056
Assumption
Assumption + second
$5,206/mo
+$2,371/mo- Down payment
- $75,342
- Funds due
- $94,102
- Interest + MI left
- $947,836
- First ends
- Mar 2056
New loan
New conventional
$5,350/mo
+$2,515/mo- Down payment
- $75,342
- Funds due
- $89,594
- Interest + MI left
- $986,462
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $343,658 | $343,658 | $674,658 |
| Second mortgage | — | $331,000 | — |
| First P&I | $2,190.36 | $2,190.36 | $4,570.37 |
| Second P&I | — | $2,371.32 | — |
| Mortgage insurance | — | — | $134.93 |
| Taxes, insurance & HOA | $644.67 | $644.67 | $644.67 |
| Total housing payment | $2,835.03 | $5,206.35 | $5,349.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,342
Closing costs & prepaids$18,759
Usable credit−$0
Total buyer cash needed$94,102
Earnest money paid−$0
Remaining funds due$94,102
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,718.29
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$900.00
Initial HOA (3 months)$384.00
Prepaid interest, first (6 days)$367.20
Prepaid interest, second (6 days)$421.68
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 3 moOf the original 30-year loan at 6.5%
Interest already paid$16,832Through Dec 2026
Assumption only · ends Mar 2056$425,159
Assumption + second · ends Mar 2056, second Jan 2057$947,836
New conventional · ends Jan 2057$986,462