Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,087/mo
Lowest payment- Down payment
- $67,457
- Funds due
- $86,426
- Interest + MI left
- $874,908
- First ends
- Jan 2056
Assumption
Assumption + second
$5,352/mo
+$265/mo- Down payment
- $41,457
- Funds due
- $61,684
- Interest + MI left
- $944,287
- First ends
- Jan 2056
New loan
New conventional
$5,983/mo
+$896/mo- Down payment
- $41,457
- Funds due
- $55,486
- Interest + MI left
- $1,184,746
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $752,533 | $752,533 | $778,533 |
| Second mortgage | — | $26,000 | — |
| First P&I | $4,649.83 | $4,649.83 | $5,390.41 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $155.71 |
| Taxes, insurance & HOA | $436.92 | $436.92 | $436.92 |
| Total housing payment | $5,086.75 | $5,351.69 | $5,983.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,457
Closing costs & prepaids$20,227
Usable credit−$0
Total buyer cash needed$61,684
Earnest money paid−$0
Remaining funds due$61,684
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,199.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,762.67
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)$273.75
Initial HOA (3 months)$387.00
Prepaid interest, first (1 days)$127.62
Prepaid interest, second (1 days)$8.46
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 6.190%
Interest already paid$39,032Through Nov 2026
Assumption only · ends Jan 2056$874,908
Assumption + second · ends Jan 2056, second Dec 2056$944,287
New conventional · ends Dec 2056$1,184,746