Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,322/mo
Lowest payment- Down payment
- $93,776
- Funds due
- $111,142
- Interest + MI left
- $752,288
- First ends
- Feb 2056
Assumption
Assumption + second
$4,903/mo
+$581/mo- Down payment
- $36,776
- Funds due
- $55,429
- Interest + MI left
- $904,387
- First ends
- Feb 2056
New loan
New conventional
$5,305/mo
+$982/mo- Down payment
- $36,776
- Funds due
- $49,864
- Interest + MI left
- $1,055,049
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $636,214 | $636,214 | $693,214 |
| Second mortgage | — | $57,000 | — |
| First P&I | $3,955.85 | $3,955.85 | $4,799.67 |
| Second P&I | — | $580.83 | — |
| Mortgage insurance | — | — | $138.64 |
| Taxes, insurance & HOA | $366.50 | $366.50 | $366.50 |
| Total housing payment | $4,322.35 | $4,903.18 | $5,304.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,776
Closing costs & prepaids$18,654
Usable credit−$0
Total buyer cash needed$55,429
Earnest money paid−$0
Remaining funds due$55,429
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,299.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,181.07
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$47.50
Initial HOA (3 months)$402.00
Prepaid interest, first (2 days)$218.23
Prepaid interest, second (2 days)$37.09
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 3 moOf the original 30-year loan at 6.260%
Interest already paid$30,017Through Nov 2026
Assumption only · ends Feb 2056$752,288
Assumption + second · ends Feb 2056, second Dec 2056$904,387
New conventional · ends Dec 2056$1,055,049