Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,760/mo
Lowest payment- Down payment
- $150,851
- Funds due
- $166,354
- Interest + MI left
- $635,924
- First ends
- Jun 2055
Assumption
Assumption + second
$4,436/mo
+$676/mo- Down payment
- $66,851
- Funds due
- $83,625
- Interest + MI left
- $795,242
- First ends
- Jun 2055
New loan
New conventional
$4,668/mo
+$908/mo- Down payment
- $66,851
- Funds due
- $78,349
- Interest + MI left
- $907,133
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $514,149 | $514,149 | $598,149 |
| Second mortgage | — | $84,000 | — |
| First P&I | $3,352.98 | $3,352.98 | $4,141.46 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $119.63 |
| Taxes, insurance & HOA | $406.83 | $406.83 | $406.83 |
| Total housing payment | $3,759.82 | $4,435.70 | $4,667.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,851
Closing costs & prepaids$16,774
Usable credit−$0
Total buyer cash needed$83,625
Earnest money paid−$0
Remaining funds due$83,625
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,570.74
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)$660.50
Initial HOA (3 months)$60.00
Prepaid interest, first (1 days)$93.67
Prepaid interest, second (1 days)$20.71
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 6.650%
Interest already paid$48,850Through Nov 2026
Assumption only · ends Jun 2055$635,924
Assumption + second · ends Jun 2055, second Dec 2056$795,242
New conventional · ends Dec 2056$907,133