Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,899/mo
Lowest payment- Down payment
- $55,008
- Funds due
- $70,072
- Interest + MI left
- $622,148
- First ends
- Nov 2054
Assumption
Assumption + second
$4,153/mo
+$255/mo- Down payment
- $30,008
- Funds due
- $46,330
- Interest + MI left
- $688,859
- First ends
- Nov 2054
New loan
New conventional
$4,486/mo
+$587/mo- Down payment
- $30,008
- Funds due
- $41,274
- Interest + MI left
- $867,509
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $544,992 | $544,992 | $569,992 |
| Second mortgage | — | $25,000 | — |
| First P&I | $3,473.63 | $3,473.63 | $3,946.51 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $114.00 |
| Taxes, insurance & HOA | $425.08 | $425.08 | $425.08 |
| Total housing payment | $3,898.71 | $4,153.46 | $4,485.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,008
Closing costs & prepaids$16,321
Usable credit−$0
Total buyer cash needed$46,330
Earnest money paid−$0
Remaining funds due$46,330
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,724.96
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)$493.25
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$94.81
Prepaid interest, second (1 days)$8.13
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 yrOf the original 30-year loan at 6.350%
Interest already paid$70,109Through Nov 2026
Assumption only · ends Nov 2054$622,148
Assumption + second · ends Nov 2054, second Dec 2056$688,859
New conventional · ends Dec 2056$867,509