Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,991/mo
Lowest payment- Down payment
- $67,443
- Funds due
- $86,600
- Interest + MI left
- $850,098
- First ends
- May 2056
Assumption
Assumption + second
$5,287/mo
+$296/mo- Down payment
- $38,443
- Funds due
- $58,907
- Interest + MI left
- $927,482
- First ends
- May 2056
New loan
New conventional
$5,612/mo
+$620/mo- Down payment
- $38,443
- Funds due
- $53,121
- Interest + MI left
- $1,043,967
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $682,457 | $682,457 | $711,457 |
| Second mortgage | — | $29,000 | — |
| First P&I | $4,341.52 | $4,341.52 | $4,819.66 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $142.29 |
| Taxes, insurance & HOA | $649.67 | $649.67 | $649.67 |
| Total housing payment | $4,991.18 | $5,286.69 | $5,611.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,443
Closing costs & prepaids$20,464
Usable credit−$0
Total buyer cash needed$58,907
Earnest money paid−$0
Remaining funds due$58,907
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,412.29
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)$399.00
Prepaid interest, first (6 days)$729.20
Prepaid interest, second (6 days)$56.61
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$25,973Through Dec 2026
Assumption only · ends May 2056$850,098
Assumption + second · ends May 2056, second Jan 2057$927,482
New conventional · ends Jan 2057$1,043,967