Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,683/mo
Lowest payment- Down payment
- $142,727
- Funds due
- $158,263
- Interest + MI left
- $520,761
- First ends
- Apr 2055
Assumption
Assumption + second
$4,383/mo
+$700/mo- Down payment
- $55,727
- Funds due
- $72,556
- Interest + MI left
- $685,768
- First ends
- Apr 2055
New loan
New conventional
$4,478/mo
+$795/mo- Down payment
- $55,727
- Funds due
- $67,928
- Interest + MI left
- $747,983
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $406,273 | $406,273 | $493,273 |
| Second mortgage | — | $87,000 | — |
| First P&I | $2,718.57 | $2,718.57 | $3,415.32 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | — | — | $98.65 |
| Taxes, insurance & HOA | $964.25 | $964.25 | $964.25 |
| Total housing payment | $3,682.83 | $4,382.85 | $4,478.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,727
Closing costs & prepaids$16,828
Usable credit−$0
Total buyer cash needed$72,556
Earnest money paid−$0
Remaining funds due$72,556
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,031.36
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)$1,259.75
Initial HOA (3 months)$1,133.01
Prepaid interest, first (2 days)$153.38
Prepaid interest, second (2 days)$42.90
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 closing28 yr 5 moOf the original 30-year loan at 6.890%
Interest already paid$44,726Through Nov 2026
Assumption only · ends Apr 2055$520,761
Assumption + second · ends Apr 2055, second Dec 2056$685,768
New conventional · ends Dec 2056$747,983