Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,951/mo
Lowest payment- Down payment
- $114,703
- Funds due
- $134,307
- Interest + MI left
- $835,045
- First ends
- Jan 2056
Assumption
Assumption + second
$5,217/mo
+$266/mo- Down payment
- $81,703
- Funds due
- $102,606
- Interest + MI left
- $897,634
- First ends
- Jan 2056
New loan
New conventional
$5,666/mo
+$715/mo- Down payment
- $81,703
- Funds due
- $96,332
- Interest + MI left
- $1,072,201
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $700,297 | $700,297 | $733,297 |
| Second mortgage | — | $33,000 | — |
| First P&I | $4,399.26 | $4,399.26 | $4,967.61 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $146.66 |
| Taxes, insurance & HOA | $551.84 | $551.84 | $551.84 |
| Total housing payment | $4,951.10 | $5,216.62 | $5,666.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$81,703
Closing costs & prepaids$20,904
Usable credit−$0
Total buyer cash needed$102,606
Earnest money paid−$0
Remaining funds due$102,606
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,501.49
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)$978.00
Initial HOA (3 months)$27.51
Prepaid interest, first (6 days)$729.84
Prepaid interest, second (6 days)$48.82
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 1 moOf the original 30-year loan at 6.34%
Interest already paid$40,937Through Dec 2026
Assumption only · ends Jan 2056$835,045
Assumption + second · ends Jan 2056, second Jan 2057$897,634
New conventional · ends Jan 2057$1,072,201