Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,082/mo
Lowest payment- Down payment
- $62,253
- Funds due
- $78,755
- Interest + MI left
- $706,604
- First ends
- Oct 2056
Assumption
Assumption + second
$4,398/mo
+$316/mo- Down payment
- $31,253
- Funds due
- $49,096
- Interest + MI left
- $789,325
- First ends
- Oct 2056
New loan
New conventional
$4,657/mo
+$574/mo- Down payment
- $31,253
- Funds due
- $44,010
- Interest + MI left
- $864,010
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $557,737 | $557,737 | $588,737 |
| Second mortgage | — | $31,000 | — |
| First P&I | $3,531.68 | $3,531.68 | $3,988.31 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $117.75 |
| Taxes, insurance & HOA | $550.67 | $550.67 | $550.67 |
| Total housing payment | $4,082.35 | $4,398.24 | $4,656.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,253
Closing costs & prepaids$17,843
Usable credit−$0
Total buyer cash needed$49,096
Earnest money paid−$0
Remaining funds due$49,096
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,199.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,788.69
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)$744.00
Initial HOA (3 months)$408.00
Prepaid interest, first (9 days)$893.91
Prepaid interest, second (9 days)$90.77
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 10 moOf the original 30-year loan at 6.5%
Interest already paid$6,050Through Dec 2026
Assumption only · ends Oct 2056$706,604
Assumption + second · ends Oct 2056, second Jan 2057$789,325
New conventional · ends Jan 2057$864,010