Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,962/mo
Lowest payment- Down payment
- $94,834
- Funds due
- $110,536
- Interest + MI left
- $675,148
- First ends
- May 2056
Assumption
Assumption + second
$4,211/mo
+$249/mo- Down payment
- $63,834
- Funds due
- $80,793
- Interest + MI left
- $733,944
- First ends
- May 2056
New loan
New conventional
$4,598/mo
+$636/mo- Down payment
- $63,834
- Funds due
- $75,423
- Interest + MI left
- $866,212
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $540,166 | $540,166 | $571,166 |
| Second mortgage | — | $31,000 | — |
| First P&I | $3,433.09 | $3,433.09 | $3,954.64 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $114.23 |
| Taxes, insurance & HOA | $528.83 | $528.83 | $528.83 |
| Total housing payment | $3,961.92 | $4,211.36 | $4,597.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,834
Closing costs & prepaids$16,959
Usable credit−$0
Total buyer cash needed$80,793
Earnest money paid−$0
Remaining funds due$80,793
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,700.83
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)$501.50
Initial HOA (3 months)$585.00
Prepaid interest, first (1 days)$96.19
Prepaid interest, second (1 days)$7.64
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 6 moOf the original 30-year loan at 6.500%
Interest already paid$17,612Through Nov 2026
Assumption only · ends May 2056$675,148
Assumption + second · ends May 2056, second Dec 2056$733,944
New conventional · ends Dec 2056$866,212