Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,401/mo
Lowest payment- Down payment
- $585,838
- Funds due
- $611,704
- Interest + MI left
- $877,881
- First ends
- May 2056
Assumption
Assumption + second
$8,632/mo
+$3,231/mo- Down payment
- $134,838
- Funds due
- $162,528
- Interest + MI left
- $1,590,048
- First ends
- May 2056
New loan
New conventional
$9,203/mo
+$3,803/mo- Down payment
- $134,838
- Funds due
- $155,432
- Interest + MI left
- $1,769,457
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $759,162 | $759,162 | $1,210,162 |
| Second mortgage | — | $451,000 | — |
| First P&I | $4,637.51 | $4,637.51 | $8,198.06 |
| Second P&I | — | $3,231.02 | — |
| Mortgage insurance | — | — | $242.03 |
| Taxes, insurance & HOA | $763.00 | $763.00 | $763.00 |
| Total housing payment | $5,400.51 | $8,631.53 | $9,203.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$134,838
Closing costs & prepaids$27,690
Usable credit−$0
Total buyer cash needed$162,528
Earnest money paid−$0
Remaining funds due$162,528
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,795.81
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)$1,614.00
Initial HOA (3 months)$24.99
Prepaid interest, first (6 days)$762.49
Prepaid interest, second (6 days)$574.56
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 closing29 yr 5 moOf the original 30-year loan at 6.11%
Interest already paid$27,166Through Dec 2026
Assumption only · ends May 2056$877,881
Assumption + second · ends May 2056, second Jan 2057$1,590,048
New conventional · ends Jan 2057$1,769,457