Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,676/mo
Lowest payment- Down payment
- $167,811
- Funds due
- $189,720
- Interest + MI left
- $941,257
- First ends
- Jul 2055
Assumption
Assumption + second
$6,256/mo
+$579/mo- Down payment
- $95,811
- Funds due
- $119,094
- Interest + MI left
- $1,077,815
- First ends
- Jul 2055
New loan
New conventional
$6,609/mo
+$933/mo- Down payment
- $95,811
- Funds due
- $112,259
- Interest + MI left
- $1,248,966
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $782,189 | $782,189 | $854,189 |
| Second mortgage | — | $72,000 | — |
| First P&I | $5,024.62 | $5,024.62 | $5,786.57 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | — | — | $170.84 |
| Taxes, insurance & HOA | $651.67 | $651.67 | $651.67 |
| Total housing payment | $5,676.29 | $6,255.62 | $6,609.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,811
Closing costs & prepaids$23,283
Usable credit−$0
Total buyer cash needed$119,094
Earnest money paid−$0
Remaining funds due$119,094
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,910.95
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)$1,140.00
Initial HOA (3 months)$165.00
Prepaid interest, first (7 days)$975.06
Prepaid interest, second (7 days)$124.27
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 7 moOf the original 30-year loan at 6.5%
Interest already paid$72,658Through Dec 2026
Assumption only · ends Jul 2055$941,257
Assumption + second · ends Jul 2055, second Jan 2057$1,077,815
New conventional · ends Jan 2057$1,248,966