Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,698/mo
Lowest payment- Down payment
- $55,141
- Funds due
- $70,614
- Interest + MI left
- $601,289
- First ends
- Dec 2055
Assumption
Assumption + second
$3,963/mo
+$265/mo- Down payment
- $29,141
- Funds due
- $45,940
- Interest + MI left
- $670,667
- First ends
- Dec 2055
New loan
New conventional
$4,242/mo
+$544/mo- Down payment
- $29,141
- Funds due
- $41,137
- Interest + MI left
- $786,301
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $509,859 | $509,859 | $535,859 |
| Second mortgage | — | $26,000 | — |
| First P&I | $3,192.95 | $3,192.95 | $3,630.10 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $107.17 |
| Taxes, insurance & HOA | $504.67 | $504.67 | $504.67 |
| Total housing payment | $3,697.62 | $3,962.56 | $4,241.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,141
Closing costs & prepaids$16,799
Usable credit−$0
Total buyer cash needed$45,940
Earnest money paid−$0
Remaining funds due$45,940
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,549.29
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)$678.00
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$792.03
Prepaid interest, second (9 days)$76.13
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 yrOf the original 30-year loan at 6.3%
Interest already paid$32,327Through Dec 2026
Assumption only · ends Dec 2055$601,289
Assumption + second · ends Dec 2055, second Jan 2057$670,667
New conventional · ends Jan 2057$786,301