Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,285/mo
Lowest payment- Down payment
- $114,024
- Funds due
- $128,943
- Interest + MI left
- $540,885
- First ends
- Jun 2056
Assumption
Assumption + second
$3,760/mo
+$475/mo- Down payment
- $55,024
- Funds due
- $71,324
- Interest + MI left
- $652,787
- First ends
- Jun 2056
New loan
New conventional
$3,978/mo
+$693/mo- Down payment
- $55,024
- Funds due
- $66,602
- Interest + MI left
- $723,737
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,976 | $435,976 | $494,976 |
| Second mortgage | — | $59,000 | — |
| First P&I | $2,759.50 | $2,759.50 | $3,353.14 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | — | — | $99.00 |
| Taxes, insurance & HOA | $525.67 | $525.67 | $525.67 |
| Total housing payment | $3,285.16 | $3,759.89 | $3,977.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,024
Closing costs & prepaids$16,300
Usable credit−$0
Total buyer cash needed$71,324
Earnest money paid−$0
Remaining funds due$71,324
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,179.88
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)$660.00
Initial HOA (3 months)$417.00
Prepaid interest, first (9 days)$694.46
Prepaid interest, second (9 days)$130.93
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 closing29 yr 6 moOf the original 30-year loan at 6.46%
Interest already paid$14,128Through Dec 2026
Assumption only · ends Jun 2056$540,885
Assumption + second · ends Jun 2056, second Jan 2057$652,787
New conventional · ends Jan 2057$723,737