Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,226/mo
Lowest payment- Down payment
- $55,119
- Funds due
- $71,614
- Interest + MI left
- $609,110
- First ends
- Jan 2056
Assumption
Assumption + second
$4,491/mo
+$265/mo- Down payment
- $29,119
- Funds due
- $46,881
- Interest + MI left
- $678,489
- First ends
- Jan 2056
New loan
New conventional
$4,889/mo
+$663/mo- Down payment
- $29,119
- Funds due
- $41,974
- Interest + MI left
- $830,704
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $519,881 | $519,881 | $545,881 |
| Second mortgage | — | $26,000 | — |
| First P&I | $3,225.69 | $3,225.69 | $3,779.57 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $109.18 |
| Taxes, insurance & HOA | $1,000.00 | $1,000.00 | $1,000.00 |
| Total housing payment | $4,225.69 | $4,490.63 | $4,888.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,119
Closing costs & prepaids$17,762
Usable credit−$0
Total buyer cash needed$46,881
Earnest money paid−$0
Remaining funds due$46,881
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,599.40
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)$2,500.00
Prepaid interest, first (2 days)$177.47
Prepaid interest, second (2 days)$16.92
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 2 moOf the original 30-year loan at 6.230%
Interest already paid$27,138Through Nov 2026
Assumption only · ends Jan 2056$609,110
Assumption + second · ends Jan 2056, second Dec 2056$678,489
New conventional · ends Dec 2056$830,704