Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,036/mo
Lowest payment- Down payment
- $103,444
- Funds due
- $117,498
- Interest + MI left
- $482,639
- First ends
- Jan 2056
Assumption
Assumption + second
$3,447/mo
+$410/mo- Down payment
- $52,444
- Funds due
- $67,823
- Interest + MI left
- $579,368
- First ends
- Jan 2056
New loan
New conventional
$3,721/mo
+$684/mo- Down payment
- $52,444
- Funds due
- $63,225
- Interest + MI left
- $683,644
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $416,556 | $416,556 | $467,556 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,576.49 | $2,576.49 | $3,167.39 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $93.51 |
| Taxes, insurance & HOA | $459.67 | $459.67 | $459.67 |
| Total housing payment | $3,036.16 | $3,446.52 | $3,720.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,444
Closing costs & prepaids$15,379
Usable credit−$0
Total buyer cash needed$67,823
Earnest money paid−$0
Remaining funds due$67,823
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,082.78
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)$624.00
Initial HOA (3 months)$255.00
Prepaid interest, first (6 days)$423.86
Prepaid interest, second (6 days)$75.45
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 1 moOf the original 30-year loan at 6.19%
Interest already paid$23,779Through Dec 2026
Assumption only · ends Jan 2056$482,639
Assumption + second · ends Jan 2056, second Jan 2057$579,368
New conventional · ends Jan 2057$683,644