Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,691/mo
Lowest payment- Down payment
- $79,811
- Funds due
- $93,865
- Interest + MI left
- $335,659
- First ends
- Jun 2055
Assumption
Assumption + second
$3,211/mo
+$520/mo- Down payment
- $28,811
- Funds due
- $44,132
- Interest + MI left
- $471,747
- First ends
- Jun 2055
New loan
New conventional
$4,160/mo
+$1,469/mo- Down payment
- $28,811
- Funds due
- $39,365
- Interest + MI left
- $831,280
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $495,188 | $495,188 | $546,188 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,422.29 | $2,422.29 | $3,781.70 |
| Second P&I | — | $519.69 | — |
| Mortgage insurance | — | — | $109.24 |
| Taxes, insurance & HOA | $268.67 | $268.67 | $268.67 |
| Total housing payment | $2,690.96 | $3,210.65 | $4,159.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,811
Closing costs & prepaids$15,321
Usable credit−$0
Total buyer cash needed$44,132
Earnest money paid−$0
Remaining funds due$44,132
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,749.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,475.94
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)$36.00
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$54.13
Prepaid interest, second (1 days)$16.59
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 3.990%
Interest already paid$28,377Through Nov 2026
Assumption only · ends Jun 2055$335,659
Assumption + second · ends Jun 2055, second Dec 2056$471,747
New conventional · ends Dec 2056$831,280