Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,975/mo
Lowest payment- Down payment
- $242,224
- Funds due
- $256,916
- Interest + MI left
- $501,031
- First ends
- Dec 2055
Assumption
Assumption + second
$4,274/mo
+$1,299/mo- Down payment
- $65,224
- Funds due
- $81,205
- Interest + MI left
- $791,586
- First ends
- Dec 2055
New loan
New conventional
$4,537/mo
+$1,562/mo- Down payment
- $65,224
- Funds due
- $76,478
- Interest + MI left
- $886,852
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,776 | $407,776 | $584,776 |
| Second mortgage | — | $177,000 | — |
| First P&I | $2,604.03 | $2,604.03 | $4,048.87 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | — | — | $116.96 |
| Taxes, insurance & HOA | $371.00 | $371.00 | $371.00 |
| Total housing payment | $2,975.03 | $4,273.80 | $4,536.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,224
Closing costs & prepaids$15,981
Usable credit−$0
Total buyer cash needed$81,205
Earnest money paid−$0
Remaining funds due$81,205
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,038.88
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)$58.00
Initial HOA (3 months)$555.00
Prepaid interest, first (1 days)$72.62
Prepaid interest, second (1 days)$38.79
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 1 moOf the original 30-year loan at 6.500%
Interest already paid$24,435Through Nov 2026
Assumption only · ends Dec 2055$501,031
Assumption + second · ends Dec 2055, second Dec 2056$791,586
New conventional · ends Dec 2056$886,852