Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,810/mo
Lowest payment- Down payment
- $66,838
- Funds due
- $85,133
- Interest + MI left
- $810,568
- First ends
- Jan 2056
Assumption
Assumption + second
$5,096/mo
+$285/mo- Down payment
- $38,838
- Funds due
- $58,392
- Interest + MI left
- $885,284
- First ends
- Jan 2056
New loan
New conventional
$5,651/mo
+$841/mo- Down payment
- $38,838
- Funds due
- $52,513
- Interest + MI left
- $1,097,441
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $693,162 | $693,162 | $721,162 |
| Second mortgage | — | $28,000 | — |
| First P&I | $4,296.37 | $4,296.37 | $4,993.18 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $144.23 |
| Taxes, insurance & HOA | $514.08 | $514.08 | $514.08 |
| Total housing payment | $4,810.45 | $5,095.78 | $5,651.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,838
Closing costs & prepaids$19,553
Usable credit−$0
Total buyer cash needed$58,392
Earnest money paid−$0
Remaining funds due$58,392
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,465.81
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$892.25
Prepaid interest, first (1 days)$118.12
Prepaid interest, second (1 days)$9.11
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 2 moOf the original 30-year loan at 6.220%
Interest already paid$36,125Through Nov 2026
Assumption only · ends Jan 2056$810,568
Assumption + second · ends Jan 2056, second Dec 2056$885,284
New conventional · ends Dec 2056$1,097,441