Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,557/mo
Lowest payment- Down payment
- $174,073
- Funds due
- $195,251
- Interest + MI left
- $952,067
- First ends
- Dec 2055
Assumption
Assumption + second
$6,169/mo
+$612/mo- Down payment
- $98,073
- Funds due
- $120,538
- Interest + MI left
- $1,096,212
- First ends
- Dec 2055
New loan
New conventional
$6,765/mo
+$1,207/mo- Down payment
- $98,073
- Funds due
- $113,569
- Interest + MI left
- $1,323,676
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $796,926 | $796,926 | $872,926 |
| Second mortgage | — | $76,000 | — |
| First P&I | $5,011.44 | $5,011.44 | $6,043.96 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $174.59 |
| Taxes, insurance & HOA | $546.00 | $546.00 | $546.00 |
| Total housing payment | $5,557.44 | $6,168.96 | $6,764.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,073
Closing costs & prepaids$22,465
Usable credit−$0
Total buyer cash needed$120,538
Earnest money paid−$0
Remaining funds due$120,538
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,709.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,984.63
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)$631.00
Initial HOA (3 months)$357.00
Prepaid interest, first (2 days)$277.29
Prepaid interest, second (2 days)$37.48
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 1 moOf the original 30-year loan at 6.350%
Interest already paid$46,659Through Nov 2026
Assumption only · ends Dec 2055$952,067
Assumption + second · ends Dec 2055, second Dec 2056$1,096,212
New conventional · ends Dec 2056$1,323,676