Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,819/mo
Lowest payment- Down payment
- $81,894
- Funds due
- $97,255
- Interest + MI left
- $603,789
- First ends
- Nov 2055
Assumption
Assumption + second
$4,359/mo
+$540/mo- Down payment
- $28,894
- Funds due
- $45,539
- Interest + MI left
- $745,214
- First ends
- Nov 2055
New loan
New conventional
$4,558/mo
+$738/mo- Down payment
- $28,894
- Funds due
- $40,753
- Interest + MI left
- $831,155
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $493,106 | $493,106 | $546,106 |
| Second mortgage | — | $53,000 | — |
| First P&I | $3,152.00 | $3,152.00 | $3,781.13 |
| Second P&I | — | $540.07 | — |
| Mortgage insurance | — | — | $109.22 |
| Taxes, insurance & HOA | $667.17 | $667.17 | $667.17 |
| Total housing payment | $3,819.16 | $4,359.23 | $4,557.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,894
Closing costs & prepaids$16,645
Usable credit−$0
Total buyer cash needed$45,539
Earnest money paid−$0
Remaining funds due$45,539
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,465.53
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)$1,246.50
Initial HOA (3 months)$255.00
Prepaid interest, first (2 days)$175.63
Prepaid interest, second (2 days)$34.49
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 yrOf the original 30-year loan at 6.500%
Interest already paid$32,250Through Nov 2026
Assumption only · ends Nov 2055$603,789
Assumption + second · ends Nov 2055, second Dec 2056$745,214
New conventional · ends Dec 2056$831,155