Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,831/mo
Lowest payment- Down payment
- $112,733
- Funds due
- $126,724
- Interest + MI left
- $315,957
- First ends
- Apr 2056
Assumption
Assumption + second
$3,370/mo
+$539/mo- Down payment
- $45,733
- Funds due
- $61,007
- Interest + MI left
- $443,032
- First ends
- Apr 2056
New loan
New conventional
$3,860/mo
+$1,029/mo- Down payment
- $45,733
- Funds due
- $56,857
- Interest + MI left
- $612,866
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,167 | $337,167 | $404,167 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,850.21 | $1,850.21 | $2,798.37 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $80.83 |
| Taxes, insurance & HOA | $981.17 | $981.17 | $981.17 |
| Total housing payment | $2,831.38 | $3,370.47 | $3,860.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,733
Closing costs & prepaids$15,274
Usable credit−$0
Total buyer cash needed$61,007
Earnest money paid−$0
Remaining funds due$61,007
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,685.84
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)$2,421.50
Initial HOA (3 months)$72.00
Prepaid interest, first (2 days)$94.59
Prepaid interest, second (2 days)$33.04
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 5.120%
Interest already paid$10,119Through Nov 2026
Assumption only · ends Apr 2056$315,957
Assumption + second · ends Apr 2056, second Dec 2056$443,032
New conventional · ends Dec 2056$612,866