Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,411/mo
Lowest payment- Down payment
- $78,512
- Funds due
- $92,791
- Interest + MI left
- $546,707
- First ends
- Nov 2055
Assumption
Assumption + second
$3,620/mo
+$209/mo- Down payment
- $52,512
- Funds due
- $68,054
- Interest + MI left
- $596,020
- First ends
- Nov 2055
New loan
New conventional
$3,923/mo
+$512/mo- Down payment
- $52,512
- Funds due
- $63,273
- Interest + MI left
- $716,560
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $446,488 | $446,488 | $472,488 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,854.01 | $2,854.01 | $3,271.41 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $94.50 |
| Taxes, insurance & HOA | $556.67 | $556.67 | $556.67 |
| Total housing payment | $3,410.68 | $3,619.88 | $3,922.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,512
Closing costs & prepaids$15,542
Usable credit−$0
Total buyer cash needed$68,054
Earnest money paid−$0
Remaining funds due$68,054
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,232.44
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)$846.00
Initial HOA (3 months)$324.00
Prepaid interest, first (2 days)$159.02
Prepaid interest, second (2 days)$12.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.500%
Interest already paid$29,201Through Nov 2026
Assumption only · ends Nov 2055$546,707
Assumption + second · ends Nov 2055, second Dec 2056$596,020
New conventional · ends Dec 2056$716,560