Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,472/mo
Lowest payment- Down payment
- $69,441
- Funds due
- $84,632
- Interest + MI left
- $576,931
- First ends
- Apr 2056
Assumption
Assumption + second
$3,880/mo
+$408/mo- Down payment
- $29,441
- Funds due
- $45,999
- Interest + MI left
- $683,667
- First ends
- Apr 2056
New loan
New conventional
$4,202/mo
+$730/mo- Down payment
- $29,441
- Funds due
- $41,227
- Interest + MI left
- $800,534
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $505,559 | $505,559 | $545,559 |
| Second mortgage | — | $40,000 | — |
| First P&I | $3,075.25 | $3,075.25 | $3,695.81 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $109.11 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $3,471.92 | $3,879.52 | $4,201.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,441
Closing costs & prepaids$16,558
Usable credit−$0
Total buyer cash needed$45,999
Earnest money paid−$0
Remaining funds due$45,999
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,527.79
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)$690.00
Prepaid interest, first (9 days)$755.43
Prepaid interest, second (9 days)$117.12
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 closing29 yr 4 moOf the original 30-year loan at 6.06%
Interest already paid$20,518Through Dec 2026
Assumption only · ends Apr 2056$576,931
Assumption + second · ends Apr 2056, second Jan 2057$683,667
New conventional · ends Jan 2057$800,534