Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,389/mo
Lowest payment- Down payment
- $95,859
- Funds due
- $113,464
- Interest + MI left
- $661,254
- First ends
- Nov 2055
Assumption
Assumption + second
$4,655/mo
+$266/mo- Down payment
- $62,859
- Funds due
- $81,787
- Interest + MI left
- $723,844
- First ends
- Nov 2055
New loan
New conventional
$4,879/mo
+$490/mo- Down payment
- $62,859
- Funds due
- $76,527
- Interest + MI left
- $821,943
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $529,141 | $529,141 | $562,141 |
| Second mortgage | — | $33,000 | — |
| First P&I | $3,430.53 | $3,430.53 | $3,808.14 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $112.43 |
| Taxes, insurance & HOA | $958.67 | $958.67 | $958.67 |
| Total housing payment | $4,389.20 | $4,654.73 | $4,879.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,859
Closing costs & prepaids$18,928
Usable credit−$0
Total buyer cash needed$81,787
Earnest money paid−$0
Remaining funds due$81,787
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,645.70
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)$750.00
Initial HOA (3 months)$1,626.00
Prepaid interest, first (9 days)$865.04
Prepaid interest, second (9 days)$73.23
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 11 moOf the original 30-year loan at 6.63%
Interest already paid$38,254Through Dec 2026
Assumption only · ends Nov 2055$661,254
Assumption + second · ends Nov 2055, second Jan 2057$723,844
New conventional · ends Jan 2057$821,943