Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,779/mo
Lowest payment- Down payment
- $121,460
- Funds due
- $139,994
- Interest + MI left
- $804,289
- First ends
- Jan 2055
Assumption
Assumption + second
$5,085/mo
+$306/mo- Down payment
- $83,460
- Funds due
- $103,263
- Interest + MI left
- $876,361
- First ends
- Jan 2055
New loan
New conventional
$5,601/mo
+$822/mo- Down payment
- $83,460
- Funds due
- $96,906
- Interest + MI left
- $1,124,447
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $703,540 | $703,540 | $741,540 |
| Second mortgage | — | $38,000 | — |
| First P&I | $4,461.03 | $4,461.03 | $5,134.27 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | — | — | $148.31 |
| Taxes, insurance & HOA | $318.17 | $318.17 | $318.17 |
| Total housing payment | $4,779.20 | $5,084.96 | $5,600.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,460
Closing costs & prepaids$19,803
Usable credit−$0
Total buyer cash needed$103,263
Earnest money paid−$0
Remaining funds due$103,263
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,517.70
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)$304.50
Prepaid interest, first (2 days)$243.64
Prepaid interest, second (2 days)$18.74
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 closing28 yr 2 moOf the original 30-year loan at 6.320%
Interest already paid$82,483Through Nov 2026
Assumption only · ends Jan 2055$804,289
Assumption + second · ends Jan 2055, second Dec 2056$876,361
New conventional · ends Dec 2056$1,124,447