Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,465/mo
Lowest payment- Down payment
- $167,852
- Funds due
- $183,205
- Interest + MI left
- $590,385
- First ends
- Jul 2056
Assumption
Assumption + second
$4,214/mo
+$748/mo- Down payment
- $65,852
- Funds due
- $82,477
- Interest + MI left
- $757,824
- First ends
- Jul 2056
New loan
New conventional
$4,635/mo
+$1,170/mo- Down payment
- $65,852
- Funds due
- $77,353
- Interest + MI left
- $893,481
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $487,147 | $487,147 | $589,147 |
| Second mortgage | — | $102,000 | — |
| First P&I | $3,026.78 | $3,026.78 | $4,079.13 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $117.83 |
| Taxes, insurance & HOA | $438.42 | $438.42 | $438.42 |
| Total housing payment | $3,465.19 | $4,213.63 | $4,635.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,852
Closing costs & prepaids$16,625
Usable credit−$0
Total buyer cash needed$82,477
Earnest money paid−$0
Remaining funds due$82,477
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,549.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,435.74
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)$620.25
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$84.08
Prepaid interest, second (1 days)$22.36
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 8 moOf the original 30-year loan at 6.300%
Interest already paid$10,254Through Nov 2026
Assumption only · ends Jul 2056$590,385
Assumption + second · ends Jul 2056, second Dec 2056$757,824
New conventional · ends Dec 2056$893,481