Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,460/mo
Lowest payment- Down payment
- $85,819
- Funds due
- $103,114
- Interest + MI left
- $769,183
- First ends
- Nov 2055
Assumption
Assumption + second
$4,970/mo
+$510/mo- Down payment
- $35,819
- Funds due
- $54,381
- Interest + MI left
- $902,603
- First ends
- Nov 2055
New loan
New conventional
$5,276/mo
+$816/mo- Down payment
- $35,819
- Funds due
- $48,848
- Interest + MI left
- $1,032,169
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $628,181 | $628,181 | $678,181 |
| Second mortgage | — | $50,000 | — |
| First P&I | $4,015.41 | $4,015.41 | $4,695.59 |
| Second P&I | — | $509.50 | — |
| Mortgage insurance | — | — | $135.64 |
| Taxes, insurance & HOA | $445.00 | $445.00 | $445.00 |
| Total housing payment | $4,460.41 | $4,969.91 | $5,276.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,819
Closing costs & prepaids$18,562
Usable credit−$0
Total buyer cash needed$54,381
Earnest money paid−$0
Remaining funds due$54,381
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,140.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,140.91
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)$460.00
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$111.87
Prepaid interest, second (1 days)$16.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yrOf the original 30-year loan at 6.500%
Interest already paid$41,084Through Nov 2026
Assumption only · ends Nov 2055$769,183
Assumption + second · ends Nov 2055, second Dec 2056$902,603
New conventional · ends Dec 2056$1,032,169