Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,910/mo
Lowest payment- Down payment
- $77,061
- Funds due
- $98,937
- Interest + MI left
- $973,361
- First ends
- Nov 2055
Assumption
Assumption + second
$6,236/mo
+$326/mo- Down payment
- $45,061
- Funds due
- $68,260
- Interest + MI left
- $1,058,750
- First ends
- Nov 2055
New loan
New conventional
$6,692/mo
+$782/mo- Down payment
- $45,061
- Funds due
- $61,760
- Interest + MI left
- $1,253,211
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $821,939 | $821,939 | $853,939 |
| Second mortgage | — | $32,000 | — |
| First P&I | $5,173.77 | $5,173.77 | $5,784.88 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $170.79 |
| Taxes, insurance & HOA | $736.25 | $736.25 | $736.25 |
| Total housing payment | $5,910.02 | $6,236.10 | $6,691.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,061
Closing costs & prepaids$23,199
Usable credit−$0
Total buyer cash needed$68,260
Earnest money paid−$0
Remaining funds due$68,260
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,109.69
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)$1,078.75
Initial HOA (3 months)$480.00
Prepaid interest, first (7 days)$999.39
Prepaid interest, second (7 days)$72.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$56,843Through Dec 2026
Assumption only · ends Nov 2055$973,361
Assumption + second · ends Nov 2055, second Jan 2057$1,058,750
New conventional · ends Jan 2057$1,253,211