Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,750/mo
Lowest payment- Down payment
- $65,756
- Funds due
- $80,596
- Interest + MI left
- $623,549
- First ends
- Nov 2055
Assumption
Assumption + second
$4,127/mo
+$377/mo- Down payment
- $28,756
- Funds due
- $44,858
- Interest + MI left
- $722,280
- First ends
- Nov 2055
New loan
New conventional
$4,386/mo
+$636/mo- Down payment
- $28,756
- Funds due
- $39,989
- Interest + MI left
- $831,365
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $509,244 | $509,244 | $546,244 |
| Second mortgage | — | $37,000 | — |
| First P&I | $3,255.15 | $3,255.15 | $3,782.08 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $109.25 |
| Taxes, insurance & HOA | $495.00 | $495.00 | $495.00 |
| Total housing payment | $3,750.15 | $4,127.18 | $4,386.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,756
Closing costs & prepaids$16,102
Usable credit−$0
Total buyer cash needed$44,858
Earnest money paid−$0
Remaining funds due$44,858
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%)$2,546.22
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)$698.00
Initial HOA (3 months)$287.01
Prepaid interest, first (1 days)$90.69
Prepaid interest, second (1 days)$12.04
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 closing29 yrOf the original 30-year loan at 6.500%
Interest already paid$33,306Through Nov 2026
Assumption only · ends Nov 2055$623,549
Assumption + second · ends Nov 2055, second Dec 2056$722,280
New conventional · ends Dec 2056$831,365