Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,518/mo
Lowest payment- Down payment
- $71,035
- Funds due
- $82,592
- Interest + MI left
- $444,303
- First ends
- Nov 2055
Assumption
Assumption + second
$2,744/mo
+$225/mo- Down payment
- $43,035
- Funds due
- $55,849
- Interest + MI left
- $497,409
- First ends
- Nov 2055
New loan
New conventional
$2,966/mo
+$448/mo- Down payment
- $43,035
- Funds due
- $51,588
- Interest + MI left
- $586,707
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $358,865 | $358,865 | $386,865 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,307.95 | $2,307.95 | $2,678.58 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $77.37 |
| Taxes, insurance & HOA | $210.42 | $210.42 | $210.42 |
| Total housing payment | $2,518.37 | $2,743.67 | $2,966.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,035
Closing costs & prepaids$12,814
Usable credit−$0
Total buyer cash needed$55,849
Earnest money paid−$0
Remaining funds due$55,849
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,794.33
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$52.25
Initial HOA (3 months)$129.00
Prepaid interest, first (1 days)$64.50
Prepaid interest, second (1 days)$6.90
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 yrOf the original 30-year loan at 6.560%
Interest already paid$23,685Through Nov 2026
Assumption only · ends Nov 2055$444,303
Assumption + second · ends Nov 2055, second Dec 2056$497,409
New conventional · ends Dec 2056$586,707