Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,401/mo
Lowest payment- Down payment
- $138,379
- Funds due
- $155,731
- Interest + MI left
- $744,256
- First ends
- May 2055
Assumption
Assumption + second
$4,932/mo
+$531/mo- Down payment
- $72,379
- Funds due
- $90,997
- Interest + MI left
- $869,434
- First ends
- May 2055
New loan
New conventional
$5,133/mo
+$732/mo- Down payment
- $72,379
- Funds due
- $85,333
- Interest + MI left
- $980,644
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $580,621 | $580,621 | $646,621 |
| Second mortgage | — | $66,000 | — |
| First P&I | $3,873.91 | $3,873.91 | $4,477.07 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $129.32 |
| Taxes, insurance & HOA | $527.08 | $527.08 | $527.08 |
| Total housing payment | $4,400.99 | $4,932.04 | $5,133.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,379
Closing costs & prepaids$18,618
Usable credit−$0
Total buyer cash needed$90,997
Earnest money paid−$0
Remaining funds due$90,997
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,903.10
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)$616.25
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$109.28
Prepaid interest, second (1 days)$16.27
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 closing28 yr 6 moOf the original 30-year loan at 6.870%
Interest already paid$60,351Through Nov 2026
Assumption only · ends May 2055$744,256
Assumption + second · ends May 2055, second Dec 2056$869,434
New conventional · ends Dec 2056$980,644