Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,724/mo
Lowest payment- Down payment
- $90,261
- Funds due
- $108,122
- Interest + MI left
- $784,952
- First ends
- Jun 2055
Assumption
Assumption + second
$5,274/mo
+$550/mo- Down payment
- $36,261
- Funds due
- $55,390
- Interest + MI left
- $929,045
- First ends
- Jun 2055
New loan
New conventional
$5,491/mo
+$767/mo- Down payment
- $36,261
- Funds due
- $49,817
- Interest + MI left
- $1,048,086
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $634,639 | $634,639 | $688,639 |
| Second mortgage | — | $54,000 | — |
| First P&I | $4,138.75 | $4,138.75 | $4,768.00 |
| Second P&I | — | $550.26 | — |
| Mortgage insurance | — | — | $137.73 |
| Taxes, insurance & HOA | $585.00 | $585.00 | $585.00 |
| Total housing payment | $4,723.75 | $5,274.01 | $5,490.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,261
Closing costs & prepaids$19,128
Usable credit−$0
Total buyer cash needed$55,390
Earnest money paid−$0
Remaining funds due$55,390
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,173.19
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$661.00
Initial HOA (3 months)$444.00
Prepaid interest, first (1 days)$115.63
Prepaid interest, second (1 days)$17.57
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$60,297Through Nov 2026
Assumption only · ends Jun 2055$784,952
Assumption + second · ends Jun 2055, second Dec 2056$929,045
New conventional · ends Dec 2056$1,048,086