Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,909/mo
Lowest payment- Down payment
- $80,587
- Funds due
- $95,723
- Interest + MI left
- $334,012
- First ends
- Jun 2055
Assumption
Assumption + second
$3,429/mo
+$520/mo- Down payment
- $29,587
- Funds due
- $46,123
- Interest + MI left
- $470,101
- First ends
- Jun 2055
New loan
New conventional
$4,291/mo
+$1,382/mo- Down payment
- $29,587
- Funds due
- $41,642
- Interest + MI left
- $800,319
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $494,412 | $494,412 | $545,412 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,422.29 | $2,422.29 | $3,694.81 |
| Second P&I | — | $519.69 | — |
| Mortgage insurance | — | — | $109.08 |
| Taxes, insurance & HOA | $486.67 | $486.67 | $486.67 |
| Total housing payment | $2,908.96 | $3,428.65 | $4,290.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,587
Closing costs & prepaids$16,536
Usable credit−$0
Total buyer cash needed$46,123
Earnest money paid−$0
Remaining funds due$46,123
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,749.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,472.06
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)$690.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$486.42
Prepaid interest, second (9 days)$149.33
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 6 moOf the original 30-year loan at 3.99%
Interest already paid$30,023Through Dec 2026
Assumption only · ends Jun 2055$334,012
Assumption + second · ends Jun 2055, second Jan 2057$470,101
New conventional · ends Jan 2057$800,319