Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,253/mo
Lowest payment- Down payment
- $68,922
- Funds due
- $82,787
- Interest + MI left
- $579,486
- First ends
- Apr 2056
Assumption
Assumption + second
$3,661/mo
+$408/mo- Down payment
- $28,922
- Funds due
- $44,050
- Interest + MI left
- $686,223
- First ends
- Apr 2056
New loan
New conventional
$4,068/mo
+$815/mo- Down payment
- $28,922
- Funds due
- $39,202
- Interest + MI left
- $831,113
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $506,078 | $506,078 | $546,078 |
| Second mortgage | — | $40,000 | — |
| First P&I | $3,075.25 | $3,075.25 | $3,780.93 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $109.22 |
| Taxes, insurance & HOA | $177.83 | $177.83 | $177.83 |
| Total housing payment | $3,253.09 | $3,660.69 | $4,067.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,922
Closing costs & prepaids$15,129
Usable credit−$0
Total buyer cash needed$44,050
Earnest money paid−$0
Remaining funds due$44,050
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,530.39
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)$33.50
Prepaid interest, first (1 days)$84.02
Prepaid interest, second (1 days)$13.01
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 yr 5 moOf the original 30-year loan at 6.060%
Interest already paid$17,962Through Nov 2026
Assumption only · ends Apr 2056$579,486
Assumption + second · ends Apr 2056, second Dec 2056$686,223
New conventional · ends Dec 2056$831,113