Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,355/mo
Lowest payment- Down payment
- $95,355
- Funds due
- $112,090
- Interest + MI left
- $664,181
- First ends
- Nov 2055
Assumption
Assumption + second
$4,612/mo
+$257/mo- Down payment
- $63,355
- Funds due
- $81,348
- Interest + MI left
- $724,873
- First ends
- Nov 2055
New loan
New conventional
$4,925/mo
+$571/mo- Down payment
- $63,355
- Funds due
- $76,033
- Interest + MI left
- $851,660
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $529,645 | $529,645 | $561,645 |
| Second mortgage | — | $32,000 | — |
| First P&I | $3,430.53 | $3,430.53 | $3,888.72 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | — | — | $112.33 |
| Taxes, insurance & HOA | $924.17 | $924.17 | $924.17 |
| Total housing payment | $4,354.70 | $4,612.18 | $4,925.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,355
Closing costs & prepaids$17,993
Usable credit−$0
Total buyer cash needed$81,348
Earnest money paid−$0
Remaining funds due$81,348
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,648.22
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)$646.50
Initial HOA (3 months)$1,626.00
Prepaid interest, first (1 days)$96.21
Prepaid interest, second (1 days)$7.89
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 yrOf the original 30-year loan at 6.630%
Interest already paid$35,327Through Nov 2026
Assumption only · ends Nov 2055$664,181
Assumption + second · ends Nov 2055, second Dec 2056$724,873
New conventional · ends Dec 2056$851,660