Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,378/mo
Lowest payment- Down payment
- $87,469
- Funds due
- $101,440
- Interest + MI left
- $590,510
- First ends
- Jun 2055
Assumption
Assumption + second
$3,619/mo
+$241/mo- Down payment
- $57,469
- Funds due
- $72,704
- Interest + MI left
- $647,409
- First ends
- Jun 2055
New loan
New conventional
$3,879/mo
+$501/mo- Down payment
- $57,469
- Funds due
- $67,717
- Interest + MI left
- $769,452
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $477,431 | $477,431 | $507,431 |
| Second mortgage | — | $30,000 | — |
| First P&I | $3,113.53 | $3,113.53 | $3,513.35 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $101.49 |
| Taxes, insurance & HOA | $264.17 | $264.17 | $264.17 |
| Total housing payment | $3,377.70 | $3,619.08 | $3,879.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,469
Closing costs & prepaids$15,235
Usable credit−$0
Total buyer cash needed$72,704
Earnest money paid−$0
Remaining funds due$72,704
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,649.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,387.16
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)$234.00
Initial HOA (3 months)$58.50
Prepaid interest, first (2 days)$173.97
Prepaid interest, second (2 days)$14.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 6.650%
Interest already paid$45,361Through Nov 2026
Assumption only · ends Jun 2055$590,510
Assumption + second · ends Jun 2055, second Dec 2056$647,409
New conventional · ends Dec 2056$769,452