Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,785/mo
Lowest payment- Down payment
- $118,658
- Funds due
- $134,018
- Interest + MI left
- $642,863
- First ends
- Nov 2055
Assumption
Assumption + second
$4,227/mo
+$443/mo- Down payment
- $63,658
- Funds due
- $80,282
- Interest + MI left
- $747,178
- First ends
- Nov 2055
New loan
New conventional
$4,528/mo
+$743/mo- Down payment
- $63,658
- Funds due
- $75,025
- Interest + MI left
- $867,995
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $517,342 | $517,342 | $572,342 |
| Second mortgage | — | $55,000 | — |
| First P&I | $3,333.92 | $3,333.92 | $3,962.78 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | — | — | $114.47 |
| Taxes, insurance & HOA | $450.92 | $450.92 | $450.92 |
| Total housing payment | $3,784.84 | $4,227.39 | $4,528.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,658
Closing costs & prepaids$16,624
Usable credit−$0
Total buyer cash needed$80,282
Earnest money paid−$0
Remaining funds due$80,282
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,360.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,586.71
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)$678.25
Initial HOA (3 months)$174.51
Prepaid interest, first (1 days)$93.26
Prepaid interest, second (1 days)$13.56
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 closing29 yrOf the original 30-year loan at 6.580%
Interest already paid$34,248Through Nov 2026
Assumption only · ends Nov 2055$642,863
Assumption + second · ends Nov 2055, second Dec 2056$747,178
New conventional · ends Dec 2056$867,995