Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,739/mo
Lowest payment- Down payment
- $235,452
- Funds due
- $249,822
- Interest + MI left
- $436,892
- First ends
- Apr 2056
Assumption
Assumption + second
$4,008/mo
+$1,269/mo- Down payment
- $62,452
- Funds due
- $78,110
- Interest + MI left
- $720,881
- First ends
- Apr 2056
New loan
New conventional
$4,371/mo
+$1,632/mo- Down payment
- $62,452
- Funds due
- $73,546
- Interest + MI left
- $840,898
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $381,548 | $381,548 | $554,548 |
| Second mortgage | — | $173,000 | — |
| First P&I | $2,318.53 | $2,318.53 | $3,839.58 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | — | — | $110.91 |
| Taxes, insurance & HOA | $420.25 | $420.25 | $420.25 |
| Total housing payment | $2,738.78 | $4,008.19 | $4,370.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,452
Closing costs & prepaids$15,658
Usable credit−$0
Total buyer cash needed$78,110
Earnest money paid−$0
Remaining funds due$78,110
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,170.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,907.74
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)$595.75
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$63.35
Prepaid interest, second (1 days)$37.92
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 yr 5 moOf the original 30-year loan at 6.060%
Interest already paid$13,542Through Nov 2026
Assumption only · ends Apr 2056$436,892
Assumption + second · ends Apr 2056, second Dec 2056$720,881
New conventional · ends Dec 2056$840,898