Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,516/mo
Lowest payment- Down payment
- $127,868
- Funds due
- $145,957
- Interest + MI left
- $697,653
- First ends
- Nov 2054
Assumption
Assumption + second
$4,943/mo
+$426/mo- Down payment
- $74,868
- Funds due
- $94,233
- Interest + MI left
- $798,175
- First ends
- Nov 2054
New loan
New conventional
$5,352/mo
+$836/mo- Down payment
- $74,868
- Funds due
- $88,417
- Interest + MI left
- $1,007,068
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $611,132 | $611,132 | $664,132 |
| Second mortgage | — | $53,000 | — |
| First P&I | $3,895.20 | $3,895.20 | $4,598.32 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | — | — | $132.83 |
| Taxes, insurance & HOA | $621.08 | $621.08 | $621.08 |
| Total housing payment | $4,516.28 | $4,942.73 | $5,352.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,868
Closing costs & prepaids$19,366
Usable credit−$0
Total buyer cash needed$94,233
Earnest money paid−$0
Remaining funds due$94,233
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,055.66
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)$1,137.25
Initial HOA (3 months)$75.99
Prepaid interest, first (2 days)$212.64
Prepaid interest, second (2 days)$26.14
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 closing28 yrOf the original 30-year loan at 6.350%
Interest already paid$78,617Through Nov 2026
Assumption only · ends Nov 2054$697,653
Assumption + second · ends Nov 2054, second Dec 2056$798,175
New conventional · ends Dec 2056$1,007,068