Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,204/mo
Lowest payment- Down payment
- $406,015
- Funds due
- $423,966
- Interest + MI left
- $427,023
- First ends
- Mar 2056
Assumption
Assumption + second
$5,575/mo
+$2,371/mo- Down payment
- $75,015
- Funds due
- $94,356
- Interest + MI left
- $949,700
- First ends
- Mar 2056
New loan
New conventional
$5,822/mo
+$2,618/mo- Down payment
- $75,015
- Funds due
- $89,854
- Interest + MI left
- $1,023,660
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $343,985 | $343,985 | $674,985 |
| Second mortgage | — | $331,000 | — |
| First P&I | $2,190.36 | $2,190.36 | $4,673.46 |
| Second P&I | — | $2,371.32 | — |
| Mortgage insurance | — | — | $135.00 |
| Taxes, insurance & HOA | $1,013.42 | $1,013.42 | $1,013.42 |
| Total housing payment | $3,203.78 | $5,575.10 | $5,821.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,015
Closing costs & prepaids$19,341
Usable credit−$0
Total buyer cash needed$94,356
Earnest money paid−$0
Remaining funds due$94,356
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,719.92
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)$2,006.25
Initial HOA (3 months)$384.00
Prepaid interest, first (2 days)$122.52
Prepaid interest, second (2 days)$140.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.500%
Interest already paid$14,969Through Nov 2026
Assumption only · ends Mar 2056$427,023
Assumption + second · ends Mar 2056, second Dec 2056$949,700
New conventional · ends Dec 2056$1,023,660