Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,062/mo
Lowest payment- Down payment
- $78,004
- Funds due
- $88,728
- Interest + MI left
- $339,966
- First ends
- May 2056
Assumption
Assumption + second
$2,408/mo
+$346/mo- Down payment
- $35,004
- Funds due
- $46,999
- Interest + MI left
- $421,521
- First ends
- May 2056
New loan
New conventional
$2,577/mo
+$515/mo- Down payment
- $35,004
- Funds due
- $43,256
- Interest + MI left
- $477,713
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,996 | $271,996 | $314,996 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,728.71 | $1,728.71 | $2,180.97 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | — | — | $63.00 |
| Taxes, insurance & HOA | $333.00 | $333.00 | $333.00 |
| Total housing payment | $2,061.71 | $2,407.69 | $2,576.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,004
Closing costs & prepaids$11,995
Usable credit−$0
Total buyer cash needed$46,999
Earnest money paid−$0
Remaining funds due$46,999
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,359.98
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$279.00
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$96.88
Prepaid interest, second (2 days)$21.21
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 yr 6 moOf the original 30-year loan at 6.500%
Interest already paid$8,869Through Nov 2026
Assumption only · ends May 2056$339,966
Assumption + second · ends May 2056, second Dec 2056$421,521
New conventional · ends Dec 2056$477,713