Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,442/mo
Lowest payment- Down payment
- $61,808
- Funds due
- $78,935
- Interest + MI left
- $747,907
- First ends
- Dec 2055
Assumption
Assumption + second
$4,717/mo
+$275/mo- Down payment
- $34,808
- Funds due
- $53,238
- Interest + MI left
- $819,954
- First ends
- Dec 2055
New loan
New conventional
$5,057/mo
+$615/mo- Down payment
- $34,808
- Funds due
- $47,771
- Interest + MI left
- $961,537
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $628,192 | $628,192 | $655,192 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,954.31 | $3,954.31 | $4,438.50 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $131.04 |
| Taxes, insurance & HOA | $487.67 | $487.67 | $487.67 |
| Total housing payment | $4,441.97 | $4,717.10 | $5,057.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,808
Closing costs & prepaids$18,430
Usable credit−$0
Total buyer cash needed$53,238
Earnest money paid−$0
Remaining funds due$53,238
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,140.96
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)$828.00
Initial HOA (3 months)$135.00
Prepaid interest, first (6 days)$655.73
Prepaid interest, second (6 days)$52.71
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 yrOf the original 30-year loan at 6.35%
Interest already paid$40,144Through Dec 2026
Assumption only · ends Dec 2055$747,907
Assumption + second · ends Dec 2055, second Jan 2057$819,954
New conventional · ends Jan 2057$961,537