Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,817/mo
Lowest payment- Down payment
- $259,323
- Funds due
- $274,714
- Interest + MI left
- $391,847
- First ends
- Apr 2056
Assumption
Assumption + second
$4,277/mo
+$1,460/mo- Down payment
- $60,323
- Funds due
- $77,357
- Interest + MI left
- $718,516
- First ends
- Apr 2056
New loan
New conventional
$4,500/mo
+$1,683/mo- Down payment
- $60,323
- Funds due
- $73,057
- Interest + MI left
- $789,097
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $340,677 | $340,677 | $539,677 |
| Second mortgage | — | $199,000 | — |
| First P&I | $2,081.03 | $2,081.03 | $3,655.96 |
| Second P&I | — | $1,460.19 | — |
| Mortgage insurance | — | — | $107.94 |
| Taxes, insurance & HOA | $735.67 | $735.67 | $735.67 |
| Total housing payment | $2,816.70 | $4,276.89 | $4,499.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,323
Closing costs & prepaids$17,033
Usable credit−$0
Total buyer cash needed$77,357
Earnest money paid−$0
Remaining funds due$77,357
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,703.38
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)$720.00
Initial HOA (3 months)$987.00
Prepaid interest, first (9 days)$512.42
Prepaid interest, second (9 days)$392.55
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 closing29 yr 4 moOf the original 30-year loan at 6.1%
Interest already paid$13,917Through Dec 2026
Assumption only · ends Apr 2056$391,847
Assumption + second · ends Apr 2056, second Jan 2057$718,516
New conventional · ends Jan 2057$789,097