Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,032/mo
Lowest payment- Down payment
- $57,006
- Funds due
- $70,740
- Interest + MI left
- $444,757
- First ends
- Apr 2056
Assumption
Assumption + second
$3,378/mo
+$346/mo- Down payment
- $23,006
- Funds due
- $38,089
- Interest + MI left
- $535,483
- First ends
- Apr 2056
New loan
New conventional
$3,607/mo
+$575/mo- Down payment
- $23,006
- Funds due
- $33,944
- Interest + MI left
- $618,404
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,438 | $387,438 | $421,438 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,364.19 | $2,364.19 | $2,854.97 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $84.29 |
| Taxes, insurance & HOA | $667.42 | $667.42 | $667.42 |
| Total housing payment | $3,031.61 | $3,378.07 | $3,606.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,006
Closing costs & prepaids$15,083
Usable credit−$0
Total buyer cash needed$38,089
Earnest money paid−$0
Remaining funds due$38,089
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,444.44
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,937.19
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$533.25
Initial HOA (3 months)$1,019.01
Prepaid interest, first (9 days)$581.79
Prepaid interest, second (9 days)$99.55
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 4 moOf the original 30-year loan at 6.09%
Interest already paid$15,801Through Dec 2026
Assumption only · ends Apr 2056$444,757
Assumption + second · ends Apr 2056, second Jan 2057$535,483
New conventional · ends Jan 2057$618,404