Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,731/mo
Lowest payment- Down payment
- $273,976
- Funds due
- $288,807
- Interest + MI left
- $393,581
- First ends
- Apr 2056
Assumption
Assumption + second
$4,250/mo
+$1,519/mo- Down payment
- $61,976
- Funds due
- $78,102
- Interest + MI left
- $728,347
- First ends
- Apr 2056
New loan
New conventional
$4,590/mo
+$1,859/mo- Down payment
- $61,976
- Funds due
- $73,744
- Interest + MI left
- $838,698
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,024 | $341,024 | $553,024 |
| Second mortgage | — | $212,000 | — |
| First P&I | $2,081.03 | $2,081.03 | $3,829.03 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | — | — | $110.60 |
| Taxes, insurance & HOA | $650.33 | $650.33 | $650.33 |
| Total housing payment | $2,731.37 | $4,250.16 | $4,589.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,976
Closing costs & prepaids$16,126
Usable credit−$0
Total buyer cash needed$78,102
Earnest money paid−$0
Remaining funds due$78,102
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,705.12
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)$464.00
Initial HOA (3 months)$987.00
Prepaid interest, first (1 days)$56.99
Prepaid interest, second (1 days)$45.01
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 yr 5 moOf the original 30-year loan at 6.100%
Interest already paid$12,183Through Nov 2026
Assumption only · ends Apr 2056$393,581
Assumption + second · ends Apr 2056, second Dec 2056$728,347
New conventional · ends Dec 2056$838,698