Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,957/mo
Lowest payment- Down payment
- $90,420
- Funds due
- $104,773
- Interest + MI left
- $375,424
- First ends
- Jun 2055
Assumption
Assumption + second
$3,254/mo
+$298/mo- Down payment
- $53,420
- Funds due
- $69,042
- Interest + MI left
- $445,600
- First ends
- Jun 2055
New loan
New conventional
$3,975/mo
+$1,018/mo- Down payment
- $53,420
- Funds due
- $64,349
- Interest + MI left
- $715,088
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,580 | $434,580 | $471,580 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,341.22 | $2,341.22 | $3,265.12 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $94.32 |
| Taxes, insurance & HOA | $615.50 | $615.50 | $615.50 |
| Total housing payment | $2,956.72 | $3,254.43 | $3,974.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,420
Closing costs & prepaids$15,622
Usable credit−$0
Total buyer cash needed$69,042
Earnest money paid−$0
Remaining funds due$69,042
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,172.90
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)$587.50
Initial HOA (3 months)$759.00
Prepaid interest, first (2 days)$116.09
Prepaid interest, second (2 days)$18.25
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 4.875%
Interest already paid$30,247Through Nov 2026
Assumption only · ends Jun 2055$375,424
Assumption + second · ends Jun 2055, second Dec 2056$445,600
New conventional · ends Dec 2056$715,088