Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,442/mo
Lowest payment- Down payment
- $154,464
- Funds due
- $169,784
- Interest + MI left
- $577,530
- First ends
- Apr 2056
Assumption
Assumption + second
$4,159/mo
+$716/mo- Down payment
- $65,464
- Funds due
- $82,078
- Interest + MI left
- $746,331
- First ends
- Apr 2056
New loan
New conventional
$4,567/mo
+$1,124/mo- Down payment
- $65,464
- Funds due
- $76,929
- Interest + MI left
- $886,488
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $495,536 | $495,536 | $584,536 |
| Second mortgage | — | $89,000 | — |
| First P&I | $3,039.85 | $3,039.85 | $4,047.21 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $116.91 |
| Taxes, insurance & HOA | $402.58 | $402.58 | $402.58 |
| Total housing payment | $3,442.43 | $4,158.54 | $4,566.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,464
Closing costs & prepaids$16,614
Usable credit−$0
Total buyer cash needed$82,078
Earnest money paid−$0
Remaining funds due$82,078
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,477.68
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)$407.75
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$166.99
Prepaid interest, second (2 days)$43.89
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 6.150%
Interest already paid$17,848Through Nov 2026
Assumption only · ends Apr 2056$577,530
Assumption + second · ends Apr 2056, second Dec 2056$746,331
New conventional · ends Dec 2056$886,488