Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,333/mo
Lowest payment- Down payment
- $132,575
- Funds due
- $147,105
- Interest + MI left
- $540,903
- First ends
- Oct 2056
Assumption
Assumption + second
$3,977/mo
+$644/mo- Down payment
- $52,575
- Funds due
- $68,395
- Interest + MI left
- $692,635
- First ends
- Oct 2056
New loan
New conventional
$4,099/mo
+$766/mo- Down payment
- $52,575
- Funds due
- $63,866
- Interest + MI left
- $716,464
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $392,425 | $392,425 | $472,425 |
| Second mortgage | — | $80,000 | — |
| First P&I | $2,599.80 | $2,599.80 | $3,270.98 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $94.49 |
| Taxes, insurance & HOA | $733.50 | $733.50 | $733.50 |
| Total housing payment | $3,333.30 | $3,977.00 | $4,098.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,575
Closing costs & prepaids$15,820
Usable credit−$0
Total buyer cash needed$68,395
Earnest money paid−$0
Remaining funds due$68,395
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,962.12
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)$1,653.00
Initial HOA (3 months)$47.49
Prepaid interest, first (2 days)$149.44
Prepaid interest, second (2 days)$39.45
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 yr 11 moOf the original 30-year loan at 6.950%
Interest already paid$2,275Through Nov 2026
Assumption only · ends Oct 2056$540,903
Assumption + second · ends Oct 2056, second Dec 2056$692,635
New conventional · ends Dec 2056$716,464