Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,116/mo
Lowest payment- Down payment
- $105,929
- Funds due
- $122,480
- Interest + MI left
- $688,656
- First ends
- Oct 2055
Assumption
Assumption + second
$4,438/mo
+$322/mo- Down payment
- $65,929
- Funds due
- $83,799
- Interest + MI left
- $764,522
- First ends
- Oct 2055
New loan
New conventional
$4,627/mo
+$511/mo- Down payment
- $65,929
- Funds due
- $78,410
- Interest + MI left
- $854,008
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $544,071 | $544,071 | $584,071 |
| Second mortgage | — | $40,000 | — |
| First P&I | $3,562.79 | $3,562.79 | $3,956.70 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $116.81 |
| Taxes, insurance & HOA | $553.67 | $553.67 | $553.67 |
| Total housing payment | $4,116.46 | $4,438.31 | $4,627.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,929
Closing costs & prepaids$17,870
Usable credit−$0
Total buyer cash needed$83,799
Earnest money paid−$0
Remaining funds due$83,799
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,720.35
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)$780.00
Initial HOA (3 months)$381.00
Prepaid interest, first (7 days)$701.18
Prepaid interest, second (7 days)$69.04
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 closing28 yr 10 moOf the original 30-year loan at 6.72%
Interest already paid$42,950Through Dec 2026
Assumption only · ends Oct 2055$688,656
Assumption + second · ends Oct 2055, second Jan 2057$764,522
New conventional · ends Jan 2057$854,008