Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,595/mo
Lowest payment- Down payment
- $84,413
- Funds due
- $103,255
- Interest + MI left
- $748,969
- First ends
- Feb 2056
Assumption
Assumption + second
$5,084/mo
+$489/mo- Down payment
- $36,413
- Funds due
- $56,646
- Interest + MI left
- $877,053
- First ends
- Feb 2056
New loan
New conventional
$5,406/mo
+$812/mo- Down payment
- $36,413
- Funds due
- $51,150
- Interest + MI left
- $1,003,194
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $635,577 | $635,577 | $683,577 |
| Second mortgage | — | $48,000 | — |
| First P&I | $3,955.85 | $3,955.85 | $4,630.79 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | — | — | $136.72 |
| Taxes, insurance & HOA | $638.67 | $638.67 | $638.67 |
| Total housing payment | $4,594.51 | $5,083.64 | $5,406.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,413
Closing costs & prepaids$20,233
Usable credit−$0
Total buyer cash needed$56,646
Earnest money paid−$0
Remaining funds due$56,646
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,199.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,177.89
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)$864.00
Initial HOA (3 months)$402.00
Prepaid interest, first (9 days)$981.05
Prepaid interest, second (9 days)$140.55
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 2 moOf the original 30-year loan at 6.26%
Interest already paid$33,336Through Dec 2026
Assumption only · ends Feb 2056$748,969
Assumption + second · ends Feb 2056, second Jan 2057$877,053
New conventional · ends Jan 2057$1,003,194