Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,912/mo
Lowest payment- Down payment
- $96,692
- Funds due
- $115,293
- Interest + MI left
- $784,963
- First ends
- Jun 2055
Assumption
Assumption + second
$5,513/mo
+$601/mo- Down payment
- $37,692
- Funds due
- $57,562
- Interest + MI left
- $942,399
- First ends
- Jun 2055
New loan
New conventional
$5,789/mo
+$877/mo- Down payment
- $37,692
- Funds due
- $51,889
- Interest + MI left
- $1,082,588
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $652,308 | $652,308 | $711,308 |
| Second mortgage | — | $59,000 | — |
| First P&I | $4,190.29 | $4,190.29 | $4,924.95 |
| Second P&I | — | $601.21 | — |
| Mortgage insurance | — | — | $142.26 |
| Taxes, insurance & HOA | $721.67 | $721.67 | $721.67 |
| Total housing payment | $4,911.96 | $5,513.17 | $5,788.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,692
Closing costs & prepaids$19,870
Usable credit−$0
Total buyer cash needed$57,562
Earnest money paid−$0
Remaining funds due$57,562
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,261.54
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,140.00
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$116.16
Prepaid interest, second (1 days)$19.20
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 7 moOf the original 30-year loan at 6.500%
Interest already paid$60,593Through Nov 2026
Assumption only · ends Jun 2055$784,963
Assumption + second · ends Jun 2055, second Dec 2056$942,399
New conventional · ends Dec 2056$1,082,588