Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,567/mo
Lowest payment- Down payment
- $154,964
- Funds due
- $171,238
- Interest + MI left
- $574,990
- First ends
- Apr 2056
Assumption
Assumption + second
$4,283/mo
+$716/mo- Down payment
- $65,964
- Funds due
- $83,685
- Interest + MI left
- $743,792
- First ends
- Apr 2056
New loan
New conventional
$4,600/mo
+$1,033/mo- Down payment
- $65,964
- Funds due
- $78,593
- Interest + MI left
- $853,957
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $495,036 | $495,036 | $584,036 |
| Second mortgage | — | $89,000 | — |
| First P&I | $3,039.85 | $3,039.85 | $3,956.46 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $116.81 |
| Taxes, insurance & HOA | $526.67 | $526.67 | $526.67 |
| Total housing payment | $3,566.51 | $4,282.63 | $4,599.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,964
Closing costs & prepaids$17,721
Usable credit−$0
Total buyer cash needed$83,685
Earnest money paid−$0
Remaining funds due$83,685
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,475.18
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)$780.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$750.69
Prepaid interest, second (9 days)$197.51
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 6.15%
Interest already paid$20,388Through Dec 2026
Assumption only · ends Apr 2056$574,990
Assumption + second · ends Apr 2056, second Jan 2057$743,792
New conventional · ends Jan 2057$853,957