Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,017/mo
Lowest payment- Down payment
- $177,609
- Funds due
- $191,922
- Interest + MI left
- $488,019
- First ends
- Dec 2055
Assumption
Assumption + second
$3,883/mo
+$866/mo- Down payment
- $59,609
- Funds due
- $75,198
- Interest + MI left
- $681,722
- First ends
- Dec 2055
New loan
New conventional
$4,216/mo
+$1,198/mo- Down payment
- $59,609
- Funds due
- $70,508
- Interest + MI left
- $804,268
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,391 | $412,391 | $530,391 |
| Second mortgage | — | $118,000 | — |
| First P&I | $2,579.97 | $2,579.97 | $3,672.32 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | — | — | $106.08 |
| Taxes, insurance & HOA | $437.50 | $437.50 | $437.50 |
| Total housing payment | $3,017.47 | $3,883.31 | $4,215.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,609
Closing costs & prepaids$15,590
Usable credit−$0
Total buyer cash needed$75,198
Earnest money paid−$0
Remaining funds due$75,198
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,061.96
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)$476.50
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$71.18
Prepaid interest, second (1 days)$25.86
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 6.300%
Interest already paid$23,956Through Nov 2026
Assumption only · ends Dec 2055$488,019
Assumption + second · ends Dec 2055, second Dec 2056$681,722
New conventional · ends Dec 2056$804,268