Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,673/mo
Lowest payment- Down payment
- $56,798
- Funds due
- $71,577
- Interest + MI left
- $597,701
- First ends
- May 2056
Assumption
Assumption + second
$3,978/mo
+$306/mo- Down payment
- $26,798
- Funds due
- $42,847
- Interest + MI left
- $677,753
- First ends
- May 2056
New loan
New conventional
$4,254/mo
+$581/mo- Down payment
- $26,798
- Funds due
- $38,161
- Interest + MI left
- $773,467
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $478,202 | $478,202 | $508,202 |
| Second mortgage | — | $30,000 | — |
| First P&I | $3,039.27 | $3,039.27 | $3,518.69 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $101.64 |
| Taxes, insurance & HOA | $633.42 | $633.42 | $633.42 |
| Total housing payment | $3,672.69 | $3,978.39 | $4,253.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,798
Closing costs & prepaids$16,049
Usable credit−$0
Total buyer cash needed$42,847
Earnest money paid−$0
Remaining funds due$42,847
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,391.01
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)$1,275.25
Initial HOA (3 months)$125.01
Prepaid interest, first (2 days)$170.32
Prepaid interest, second (2 days)$19.52
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 6 moOf the original 30-year loan at 6.500%
Interest already paid$15,592Through Nov 2026
Assumption only · ends May 2056$597,701
Assumption + second · ends May 2056, second Dec 2056$677,753
New conventional · ends Dec 2056$773,467