Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,520/mo
Lowest payment- Down payment
- $168,321
- Funds due
- $184,509
- Interest + MI left
- $587,828
- First ends
- Jul 2056
Assumption
Assumption + second
$4,269/mo
+$748/mo- Down payment
- $66,321
- Funds due
- $83,960
- Interest + MI left
- $755,266
- First ends
- Jul 2056
New loan
New conventional
$4,599/mo
+$1,079/mo- Down payment
- $66,321
- Funds due
- $78,906
- Interest + MI left
- $860,745
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $486,678 | $486,678 | $588,678 |
| Second mortgage | — | $102,000 | — |
| First P&I | $3,026.78 | $3,026.78 | $3,987.91 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $117.74 |
| Taxes, insurance & HOA | $493.67 | $493.67 | $493.67 |
| Total housing payment | $3,520.44 | $4,268.88 | $4,599.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,321
Closing costs & prepaids$17,640
Usable credit−$0
Total buyer cash needed$83,960
Earnest money paid−$0
Remaining funds due$83,960
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,549.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,433.39
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)$786.00
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$756.02
Prepaid interest, second (9 days)$201.21
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 7 moOf the original 30-year loan at 6.3%
Interest already paid$12,812Through Dec 2026
Assumption only · ends Jul 2056$587,828
Assumption + second · ends Jul 2056, second Jan 2057$755,266
New conventional · ends Jan 2057$860,745