Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,062/mo
Lowest payment- Down payment
- $120,102
- Funds due
- $137,242
- Interest + MI left
- $600,044
- First ends
- Jan 2056
Assumption
Assumption + second
$4,512/mo
+$451/mo- Down payment
- $64,102
- Funds due
- $82,589
- Interest + MI left
- $706,256
- First ends
- Jan 2056
New loan
New conventional
$4,869/mo
+$808/mo- Down payment
- $64,102
- Funds due
- $77,387
- Interest + MI left
- $842,058
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $519,898 | $519,898 | $575,898 |
| Second mortgage | — | $56,000 | — |
| First P&I | $3,209.00 | $3,209.00 | $3,901.33 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | — | — | $115.18 |
| Taxes, insurance & HOA | $852.67 | $852.67 | $852.67 |
| Total housing payment | $4,061.67 | $4,512.26 | $4,869.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,102
Closing costs & prepaids$18,487
Usable credit−$0
Total buyer cash needed$82,589
Earnest money paid−$0
Remaining funds due$82,589
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,599.49
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)$768.00
Initial HOA (3 months)$1,290.00
Prepaid interest, first (7 days)$615.19
Prepaid interest, second (7 days)$96.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6.17%
Interest already paid$29,582Through Dec 2026
Assumption only · ends Jan 2056$600,044
Assumption + second · ends Jan 2056, second Jan 2057$706,256
New conventional · ends Jan 2057$842,058