Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,814/mo
Lowest payment- Down payment
- $190,707
- Funds due
- $207,665
- Interest + MI left
- $679,859
- First ends
- Jul 2056
Assumption
Assumption + second
$4,672/mo
+$859/mo- Down payment
- $73,707
- Funds due
- $91,966
- Interest + MI left
- $871,921
- First ends
- Jul 2056
New loan
New conventional
$5,086/mo
+$1,272/mo- Down payment
- $73,707
- Funds due
- $86,489
- Interest + MI left
- $1,002,895
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $544,293 | $544,293 | $661,293 |
| Second mortgage | — | $117,000 | — |
| First P&I | $3,438.63 | $3,438.63 | $4,578.66 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | — | — | $132.26 |
| Taxes, insurance & HOA | $375.17 | $375.17 | $375.17 |
| Total housing payment | $3,813.80 | $4,672.30 | $5,086.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,707
Closing costs & prepaids$18,259
Usable credit−$0
Total buyer cash needed$91,966
Earnest money paid−$0
Remaining funds due$91,966
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,721.47
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)$475.50
Prepaid interest, first (2 days)$192.66
Prepaid interest, second (2 days)$51.29
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 closing29 yr 8 moOf the original 30-year loan at 6.460%
Interest already paid$11,748Through Nov 2026
Assumption only · ends Jul 2056$679,859
Assumption + second · ends Jul 2056, second Dec 2056$871,921
New conventional · ends Dec 2056$1,002,895