Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,583/mo
Lowest payment- Down payment
- $85,930
- Funds due
- $103,055
- Interest + MI left
- $750,680
- First ends
- Nov 2055
Assumption
Assumption + second
$5,093/mo
+$510/mo- Down payment
- $35,930
- Funds due
- $54,322
- Interest + MI left
- $884,100
- First ends
- Nov 2055
New loan
New conventional
$5,388/mo
+$805/mo- Down payment
- $35,930
- Funds due
- $48,863
- Interest + MI left
- $1,009,038
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $613,070 | $613,070 | $663,070 |
| Second mortgage | — | $50,000 | — |
| First P&I | $3,918.82 | $3,918.82 | $4,590.96 |
| Second P&I | — | $509.50 | — |
| Mortgage insurance | — | — | $132.61 |
| Taxes, insurance & HOA | $664.33 | $664.33 | $664.33 |
| Total housing payment | $4,583.16 | $5,092.66 | $5,387.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,930
Closing costs & prepaids$18,392
Usable credit−$0
Total buyer cash needed$54,322
Earnest money paid−$0
Remaining funds due$54,322
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,065.35
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)$890.00
Initial HOA (3 months)$603.00
Prepaid interest, first (1 days)$109.18
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$40,096Through Nov 2026
Assumption only · ends Nov 2055$750,680
Assumption + second · ends Nov 2055, second Dec 2056$884,100
New conventional · ends Dec 2056$1,009,038