Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,823/mo
Lowest payment- Down payment
- $97,349
- Funds due
- $110,471
- Interest + MI left
- $459,256
- First ends
- Jun 2055
Assumption
Assumption + second
$3,225/mo
+$402/mo- Down payment
- $47,349
- Funds due
- $61,795
- Interest + MI left
- $554,088
- First ends
- Jun 2055
New loan
New conventional
$3,346/mo
+$523/mo- Down payment
- $47,349
- Funds due
- $57,425
- Interest + MI left
- $620,910
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,651 | $374,651 | $424,651 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,438.33 | $2,438.33 | $2,876.73 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $84.93 |
| Taxes, insurance & HOA | $384.42 | $384.42 | $384.42 |
| Total housing payment | $2,822.75 | $3,225.06 | $3,346.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,349
Closing costs & prepaids$14,446
Usable credit−$0
Total buyer cash needed$61,795
Earnest money paid−$0
Remaining funds due$61,795
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,720.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,873.25
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)$566.50
Initial HOA (3 months)$86.76
Prepaid interest, first (6 days)$407.70
Prepaid interest, second (6 days)$73.97
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 closing28 yr 6 moOf the original 30-year loan at 6.62%
Interest already paid$37,541Through Dec 2026
Assumption only · ends Jun 2055$459,256
Assumption + second · ends Jun 2055, second Jan 2057$554,088
New conventional · ends Jan 2057$620,910