Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,068/mo
Lowest payment- Down payment
- $59,996
- Funds due
- $73,424
- Interest + MI left
- $446,725
- First ends
- Apr 2056
Assumption
Assumption + second
$3,445/mo
+$377/mo- Down payment
- $22,996
- Funds due
- $37,698
- Interest + MI left
- $545,456
- First ends
- Apr 2056
New loan
New conventional
$3,731/mo
+$662/mo- Down payment
- $22,996
- Funds due
- $33,504
- Interest + MI left
- $646,498
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,834 | $387,834 | $424,834 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,364.19 | $2,364.19 | $2,941.46 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $84.97 |
| Taxes, insurance & HOA | $704.25 | $704.25 | $704.25 |
| Total housing payment | $3,068.44 | $3,445.47 | $3,730.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,996
Closing costs & prepaids$14,702
Usable credit−$0
Total buyer cash needed$37,698
Earnest money paid−$0
Remaining funds due$37,698
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,478.30
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,939.17
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)$643.75
Initial HOA (3 months)$1,019.01
Prepaid interest, first (2 days)$129.42
Prepaid interest, second (2 days)$24.08
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 5 moOf the original 30-year loan at 6.090%
Interest already paid$13,833Through Nov 2026
Assumption only · ends Apr 2056$446,725
Assumption + second · ends Apr 2056, second Dec 2056$545,456
New conventional · ends Dec 2056$646,498