Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,667/mo
Lowest payment- Down payment
- $74,802
- Funds due
- $87,477
- Interest + MI left
- $352,664
- First ends
- Jun 2056
Assumption
Assumption + second
$2,973/mo
+$306/mo- Down payment
- $36,802
- Funds due
- $50,774
- Interest + MI left
- $424,736
- First ends
- Jun 2056
New loan
New conventional
$3,140/mo
+$473/mo- Down payment
- $36,802
- Funds due
- $46,936
- Interest + MI left
- $479,880
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,198 | $290,198 | $328,198 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,815.99 | $1,815.99 | $2,223.33 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | — | — | $65.64 |
| Taxes, insurance & HOA | $851.25 | $851.25 | $851.25 |
| Total housing payment | $2,667.24 | $2,973.00 | $3,140.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,802
Closing costs & prepaids$13,972
Usable credit−$0
Total buyer cash needed$50,774
Earnest money paid−$0
Remaining funds due$50,774
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,450.99
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$930.75
Initial HOA (3 months)$1,173.00
Prepaid interest, first (5 days)$252.43
Prepaid interest, second (5 days)$46.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6 moOf the original 31-year loan at 6.35%
Interest already paid$27,886Through Dec 2026
Assumption only · ends Jun 2056$352,664
Assumption + second · ends Jun 2056, second Jan 2057$424,736
New conventional · ends Jan 2057$479,880