Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,915/mo
Lowest payment- Down payment
- $94,587
- Funds due
- $109,880
- Interest + MI left
- $334,012
- First ends
- Jun 2055
Assumption
Assumption + second
$3,196/mo
+$282/mo- Down payment
- $59,587
- Funds due
- $76,208
- Interest + MI left
- $400,395
- First ends
- Jun 2055
New loan
New conventional
$4,185/mo
+$1,270/mo- Down payment
- $59,587
- Funds due
- $71,470
- Interest + MI left
- $774,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $494,412 | $494,412 | $529,412 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,422.29 | $2,422.29 | $3,586.42 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $105.88 |
| Taxes, insurance & HOA | $492.25 | $492.25 | $492.25 |
| Total housing payment | $2,914.54 | $3,196.16 | $4,184.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,587
Closing costs & prepaids$16,621
Usable credit−$0
Total buyer cash needed$76,208
Earnest money paid−$0
Remaining funds due$76,208
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,889.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,472.06
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)$706.75
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$486.42
Prepaid interest, second (9 days)$77.67
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 3.99%
Interest already paid$30,023Through Dec 2026
Assumption only · ends Jun 2055$334,012
Assumption + second · ends Jun 2055, second Jan 2057$400,395
New conventional · ends Jan 2057$774,088