Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,681/mo
Lowest payment- Down payment
- $140,167
- Funds due
- $155,794
- Interest + MI left
- $566,503
- First ends
- Dec 2054
Assumption
Assumption + second
$4,277/mo
+$595/mo- Down payment
- $66,167
- Funds due
- $83,062
- Interest + MI left
- $706,855
- First ends
- Dec 2054
New loan
New conventional
$4,688/mo
+$1,007/mo- Down payment
- $66,167
- Funds due
- $77,774
- Interest + MI left
- $900,588
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $519,833 | $519,833 | $593,833 |
| Second mortgage | — | $74,000 | — |
| First P&I | $3,223.55 | $3,223.55 | $4,111.58 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | — | — | $118.77 |
| Taxes, insurance & HOA | $457.75 | $457.75 | $457.75 |
| Total housing payment | $3,681.30 | $4,276.72 | $4,688.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,167
Closing costs & prepaids$16,895
Usable credit−$0
Total buyer cash needed$83,062
Earnest money paid−$0
Remaining funds due$83,062
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,599.17
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)$537.25
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$86.73
Prepaid interest, second (1 days)$18.25
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 1 moOf the original 30-year loan at 6.090%
Interest already paid$61,464Through Nov 2026
Assumption only · ends Dec 2054$566,503
Assumption + second · ends Dec 2054, second Dec 2056$706,855
New conventional · ends Dec 2056$900,588