Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,782/mo
Lowest payment- Down payment
- $109,980
- Funds due
- $122,771
- Interest + MI left
- $461,325
- First ends
- Jun 2055
Assumption
Assumption + second
$3,272/mo
+$491/mo- Down payment
- $48,980
- Funds due
- $63,036
- Interest + MI left
- $577,020
- First ends
- Jun 2055
New loan
New conventional
$3,449/mo
+$668/mo- Down payment
- $48,980
- Funds due
- $58,634
- Interest + MI left
- $661,166
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $375,020 | $375,020 | $436,020 |
| Second mortgage | — | $61,000 | — |
| First P&I | $2,438.33 | $2,438.33 | $3,018.91 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | — | — | $87.20 |
| Taxes, insurance & HOA | $343.34 | $343.34 | $343.34 |
| Total housing payment | $2,781.66 | $3,272.48 | $3,449.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,980
Closing costs & prepaids$14,056
Usable credit−$0
Total buyer cash needed$63,036
Earnest money paid−$0
Remaining funds due$63,036
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,875.10
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)$443.25
Initial HOA (3 months)$86.76
Prepaid interest, first (1 days)$68.02
Prepaid interest, second (1 days)$15.04
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 closing28 yr 7 moOf the original 30-year loan at 6.620%
Interest already paid$35,472Through Nov 2026
Assumption only · ends Jun 2055$461,325
Assumption + second · ends Jun 2055, second Dec 2056$577,020
New conventional · ends Dec 2056$661,166