Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,931/mo
Lowest payment- Down payment
- $86,769
- Funds due
- $102,049
- Interest + MI left
- $649,735
- First ends
- Jul 2055
Assumption
Assumption + second
$4,140/mo
+$209/mo- Down payment
- $60,769
- Funds due
- $77,305
- Interest + MI left
- $699,047
- First ends
- Jul 2055
New loan
New conventional
$4,392/mo
+$461/mo- Down payment
- $60,769
- Funds due
- $72,097
- Interest + MI left
- $817,671
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $513,230 | $513,230 | $539,230 |
| Second mortgage | — | $26,000 | — |
| First P&I | $3,380.71 | $3,380.71 | $3,733.52 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $107.85 |
| Taxes, insurance & HOA | $550.42 | $550.42 | $550.42 |
| Total housing payment | $3,931.13 | $4,140.33 | $4,391.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,769
Closing costs & prepaids$16,537
Usable credit−$0
Total buyer cash needed$77,305
Earnest money paid−$0
Remaining funds due$77,305
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,566.15
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)$896.25
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$95.05
Prepaid interest, second (1 days)$6.41
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 8 moOf the original 30-year loan at 6.760%
Interest already paid$46,622Through Nov 2026
Assumption only · ends Jul 2055$649,735
Assumption + second · ends Jul 2055, second Dec 2056$699,047
New conventional · ends Dec 2056$817,671