Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,135/mo
Lowest payment- Down payment
- $60,495
- Funds due
- $76,680
- Interest + MI left
- $693,258
- First ends
- Apr 2056
Assumption
Assumption + second
$4,410/mo
+$275/mo- Down payment
- $33,495
- Funds due
- $50,947
- Interest + MI left
- $765,304
- First ends
- Apr 2056
New loan
New conventional
$4,936/mo
+$801/mo- Down payment
- $33,495
- Funds due
- $45,608
- Interest + MI left
- $953,395
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $599,505 | $599,505 | $626,505 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,662.22 | $3,662.22 | $4,337.79 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $125.30 |
| Taxes, insurance & HOA | $473.00 | $473.00 | $473.00 |
| Total housing payment | $4,135.22 | $4,410.35 | $4,936.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,495
Closing costs & prepaids$17,453
Usable credit−$0
Total buyer cash needed$50,947
Earnest money paid−$0
Remaining funds due$50,947
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,997.53
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)$859.00
Initial HOA (3 months)$60.00
Prepaid interest, first (2 days)$200.71
Prepaid interest, second (2 days)$17.57
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 5 moOf the original 30-year loan at 6.110%
Interest already paid$21,453Through Nov 2026
Assumption only · ends Apr 2056$693,258
Assumption + second · ends Apr 2056, second Dec 2056$765,304
New conventional · ends Dec 2056$953,395