Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,826/mo
Lowest payment- Down payment
- $82,349
- Funds due
- $101,465
- Interest + MI left
- $781,430
- First ends
- Jun 2055
Assumption
Assumption + second
$5,284/mo
+$459/mo- Down payment
- $37,349
- Funds due
- $57,847
- Interest + MI left
- $901,508
- First ends
- Jun 2055
New loan
New conventional
$5,494/mo
+$668/mo- Down payment
- $37,349
- Funds due
- $52,230
- Interest + MI left
- $1,022,381
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $651,651 | $651,651 | $696,651 |
| Second mortgage | — | $45,000 | — |
| First P&I | $4,190.29 | $4,190.29 | $4,719.36 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | — | — | $139.33 |
| Taxes, insurance & HOA | $635.25 | $635.25 | $635.25 |
| Total housing payment | $4,825.54 | $5,284.10 | $5,493.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,349
Closing costs & prepaids$20,498
Usable credit−$0
Total buyer cash needed$57,847
Earnest money paid−$0
Remaining funds due$57,847
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,340.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,258.25
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)$880.75
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$1,044.43
Prepaid interest, second (9 days)$131.76
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing28 yr 6 moOf the original 30-year loan at 6.5%
Interest already paid$64,126Through Dec 2026
Assumption only · ends Jun 2055$781,430
Assumption + second · ends Jun 2055, second Jan 2057$901,508
New conventional · ends Jan 2057$1,022,381