Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,568/mo
Lowest payment- Down payment
- $126,446
- Funds due
- $145,165
- Interest + MI left
- $757,258
- First ends
- Nov 2055
Assumption
Assumption + second
$4,962/mo
+$394/mo- Down payment
- $77,446
- Funds due
- $97,488
- Interest + MI left
- $850,193
- First ends
- Nov 2055
New loan
New conventional
$5,345/mo
+$776/mo- Down payment
- $77,446
- Funds due
- $91,547
- Interest + MI left
- $1,006,634
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $639,454 | $639,454 | $688,454 |
| Second mortgage | — | $49,000 | — |
| First P&I | $4,025.11 | $4,025.11 | $4,663.83 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $137.69 |
| Taxes, insurance & HOA | $543.00 | $543.00 | $543.00 |
| Total housing payment | $4,568.11 | $4,962.37 | $5,344.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,446
Closing costs & prepaids$20,042
Usable credit−$0
Total buyer cash needed$97,488
Earnest money paid−$0
Remaining funds due$97,488
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,659.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,197.27
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)$919.00
Initial HOA (3 months)$60.00
Prepaid interest, first (6 days)$666.43
Prepaid interest, second (6 days)$72.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 11 moOf the original 30-year loan at 6.34%
Interest already paid$44,223Through Dec 2026
Assumption only · ends Nov 2055$757,258
Assumption + second · ends Nov 2055, second Jan 2057$850,193
New conventional · ends Jan 2057$1,006,634