Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,593/mo
Lowest payment- Down payment
- $86,431
- Funds due
- $105,015
- Interest + MI left
- $765,780
- First ends
- Nov 2055
Assumption
Assumption + second
$5,102/mo
+$510/mo- Down payment
- $36,431
- Funds due
- $56,411
- Interest + MI left
- $899,200
- First ends
- Nov 2055
New loan
New conventional
$5,303/mo
+$710/mo- Down payment
- $36,431
- Funds due
- $50,913
- Interest + MI left
- $994,377
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $627,569 | $627,569 | $677,569 |
| Second mortgage | — | $50,000 | — |
| First P&I | $4,015.41 | $4,015.41 | $4,590.09 |
| Second P&I | — | $509.50 | — |
| Mortgage insurance | — | — | $135.51 |
| Taxes, insurance & HOA | $577.25 | $577.25 | $577.25 |
| Total housing payment | $4,592.66 | $5,102.16 | $5,302.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,431
Closing costs & prepaids$19,980
Usable credit−$0
Total buyer cash needed$56,411
Earnest money paid−$0
Remaining funds due$56,411
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,140.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,137.84
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$856.75
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$1,005.83
Prepaid interest, second (9 days)$146.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 6.5%
Interest already paid$44,487Through Dec 2026
Assumption only · ends Nov 2055$765,780
Assumption + second · ends Nov 2055, second Jan 2057$899,200
New conventional · ends Jan 2057$994,377