Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,815/mo
Lowest payment- Down payment
- $128,455
- Funds due
- $147,748
- Interest + MI left
- $810,046
- First ends
- Nov 2055
Assumption
Assumption + second
$5,209/mo
+$394/mo- Down payment
- $79,455
- Funds due
- $100,083
- Interest + MI left
- $902,982
- First ends
- Nov 2055
New loan
New conventional
$5,509/mo
+$694/mo- Down payment
- $79,455
- Funds due
- $94,023
- Interest + MI left
- $1,031,623
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $656,545 | $656,545 | $705,545 |
| Second mortgage | — | $49,000 | — |
| First P&I | $4,226.49 | $4,226.49 | $4,779.61 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $141.11 |
| Taxes, insurance & HOA | $588.67 | $588.67 | $588.67 |
| Total housing payment | $4,815.15 | $5,209.42 | $5,509.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,455
Closing costs & prepaids$20,627
Usable credit−$0
Total buyer cash needed$100,083
Earnest money paid−$0
Remaining funds due$100,083
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,282.72
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)$942.00
Initial HOA (3 months)$174.00
Prepaid interest, first (7 days)$825.99
Prepaid interest, second (7 days)$84.58
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 6.56%
Interest already paid$46,967Through Dec 2026
Assumption only · ends Nov 2055$810,046
Assumption + second · ends Nov 2055, second Jan 2057$902,982
New conventional · ends Jan 2057$1,031,623