Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,806/mo
Lowest payment- Down payment
- $151,355
- Funds due
- $167,741
- Interest + MI left
- $633,075
- First ends
- Jun 2055
Assumption
Assumption + second
$4,482/mo
+$676/mo- Down payment
- $67,355
- Funds due
- $85,178
- Interest + MI left
- $792,393
- First ends
- Jun 2055
New loan
New conventional
$4,621/mo
+$815/mo- Down payment
- $67,355
- Funds due
- $79,923
- Interest + MI left
- $873,856
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $513,645 | $513,645 | $597,645 |
| Second mortgage | — | $84,000 | — |
| First P&I | $3,352.98 | $3,352.98 | $4,048.66 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $119.53 |
| Taxes, insurance & HOA | $452.67 | $452.67 | $452.67 |
| Total housing payment | $3,805.65 | $4,481.53 | $4,620.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,355
Closing costs & prepaids$17,823
Usable credit−$0
Total buyer cash needed$85,178
Earnest money paid−$0
Remaining funds due$85,178
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,568.23
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)$798.00
Initial HOA (3 months)$60.00
Prepaid interest, first (9 days)$842.24
Prepaid interest, second (9 days)$186.41
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 6.65%
Interest already paid$51,699Through Dec 2026
Assumption only · ends Jun 2055$633,075
Assumption + second · ends Jun 2055, second Jan 2057$792,393
New conventional · ends Jan 2057$873,856