Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,328/mo
Lowest payment- Down payment
- $64,851
- Funds due
- $78,578
- Interest + MI left
- $531,946
- First ends
- May 2055
Assumption
Assumption + second
$3,736/mo
+$408/mo- Down payment
- $24,851
- Funds due
- $39,854
- Interest + MI left
- $638,682
- First ends
- May 2055
New loan
New conventional
$3,835/mo
+$507/mo- Down payment
- $24,851
- Funds due
- $35,452
- Interest + MI left
- $704,805
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $423,149 | $423,149 | $463,149 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,792.67 | $2,792.67 | $3,206.75 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $92.63 |
| Taxes, insurance & HOA | $535.50 | $535.50 | $535.50 |
| Total housing payment | $3,328.18 | $3,735.78 | $3,834.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,851
Closing costs & prepaids$15,003
Usable credit−$0
Total buyer cash needed$39,854
Earnest money paid−$0
Remaining funds due$39,854
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,880.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,115.74
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)$711.50
Initial HOA (3 months)$395.01
Prepaid interest, first (2 days)$156.74
Prepaid interest, second (2 days)$26.03
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 closing28 yr 6 moOf the original 30-year loan at 6.760%
Interest already paid$43,287Through Nov 2026
Assumption only · ends May 2055$531,946
Assumption + second · ends May 2055, second Dec 2056$638,682
New conventional · ends Dec 2056$704,805