Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,862/mo
Lowest payment- Down payment
- $78,659
- Funds due
- $94,106
- Interest + MI left
- $625,417
- First ends
- Aug 2056
Assumption
Assumption + second
$4,361/mo
+$499/mo- Down payment
- $29,659
- Funds due
- $46,372
- Interest + MI left
- $756,169
- First ends
- Aug 2056
New loan
New conventional
$4,604/mo
+$742/mo- Down payment
- $29,659
- Funds due
- $41,557
- Interest + MI left
- $829,730
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $496,241 | $496,241 | $545,241 |
| Second mortgage | — | $49,000 | — |
| First P&I | $3,141.90 | $3,141.90 | $3,775.14 |
| Second P&I | — | $499.31 | — |
| Mortgage insurance | — | — | $109.05 |
| Taxes, insurance & HOA | $720.00 | $720.00 | $720.00 |
| Total housing payment | $3,861.90 | $4,361.21 | $4,604.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,659
Closing costs & prepaids$16,712
Usable credit−$0
Total buyer cash needed$46,372
Earnest money paid−$0
Remaining funds due$46,372
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,481.20
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)$583.00
Initial HOA (3 months)$1,077.00
Prepaid interest, first (1 days)$88.24
Prepaid interest, second (1 days)$15.94
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 6.490%
Interest already paid$8,066Through Nov 2026
Assumption only · ends Aug 2056$625,417
Assumption + second · ends Aug 2056, second Dec 2056$756,169
New conventional · ends Dec 2056$829,730