Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,393/mo
Lowest payment- Down payment
- $99,156
- Funds due
- $113,320
- Interest + MI left
- $560,477
- First ends
- May 2055
Assumption
Assumption + second
$3,747/mo
+$354/mo- Down payment
- $55,156
- Funds due
- $70,591
- Interest + MI left
- $643,929
- First ends
- May 2055
New loan
New conventional
$3,940/mo
+$547/mo- Down payment
- $55,156
- Funds due
- $65,780
- Interest + MI left
- $742,783
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $445,844 | $445,844 | $489,844 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,942.46 | $2,942.46 | $3,391.58 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | — | — | $97.97 |
| Taxes, insurance & HOA | $450.50 | $450.50 | $450.50 |
| Total housing payment | $3,392.96 | $3,746.99 | $3,940.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,156
Closing costs & prepaids$15,436
Usable credit−$0
Total buyer cash needed$70,591
Earnest money paid−$0
Remaining funds due$70,591
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,229.22
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)$515.50
Initial HOA (3 months)$336.00
Prepaid interest, first (2 days)$165.15
Prepaid interest, second (2 days)$21.70
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 6 moOf the original 30-year loan at 6.760%
Interest already paid$45,609Through Nov 2026
Assumption only · ends May 2055$560,477
Assumption + second · ends May 2055, second Dec 2056$643,929
New conventional · ends Dec 2056$742,783