Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,793/mo
Lowest payment- Down payment
- $90,883
- Funds due
- $109,874
- Interest + MI left
- $781,435
- First ends
- Jun 2055
Assumption
Assumption + second
$5,344/mo
+$550/mo- Down payment
- $36,883
- Funds due
- $57,282
- Interest + MI left
- $925,528
- First ends
- Jun 2055
New loan
New conventional
$5,453/mo
+$660/mo- Down payment
- $36,883
- Funds due
- $51,720
- Interest + MI left
- $1,009,710
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $634,017 | $634,017 | $688,017 |
| Second mortgage | — | $54,000 | — |
| First P&I | $4,138.75 | $4,138.75 | $4,660.87 |
| Second P&I | — | $550.26 | — |
| Mortgage insurance | — | — | $137.60 |
| Taxes, insurance & HOA | $654.67 | $654.67 | $654.67 |
| Total housing payment | $4,793.41 | $5,343.67 | $5,453.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,883
Closing costs & prepaids$20,399
Usable credit−$0
Total buyer cash needed$57,282
Earnest money paid−$0
Remaining funds due$57,282
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,170.08
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$870.00
Initial HOA (3 months)$444.00
Prepaid interest, first (9 days)$1,039.61
Prepaid interest, second (9 days)$158.12
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$63,814Through Dec 2026
Assumption only · ends Jun 2055$781,435
Assumption + second · ends Jun 2055, second Jan 2057$925,528
New conventional · ends Jan 2057$1,009,710