Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,945/mo
Lowest payment- Down payment
- $78,919
- Funds due
- $103,018
- Interest + MI left
- $1,174,232
- First ends
- May 2055
Assumption
Assumption + second
$7,240/mo
+$296/mo- Down payment
- $49,919
- Funds due
- $75,353
- Interest + MI left
- $1,251,616
- First ends
- May 2055
New loan
New conventional
$7,406/mo
+$461/mo- Down payment
- $49,919
- Funds due
- $68,262
- Interest + MI left
- $1,386,967
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $916,080 | $916,080 | $945,080 |
| Second mortgage | — | $29,000 | — |
| First P&I | $6,129.95 | $6,129.95 | $6,402.30 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $189.02 |
| Taxes, insurance & HOA | $814.67 | $814.67 | $814.67 |
| Total housing payment | $6,944.61 | $7,240.12 | $7,405.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,919
Closing costs & prepaids$25,434
Usable credit−$0
Total buyer cash needed$75,353
Earnest money paid−$0
Remaining funds due$75,353
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,949.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,580.40
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)$1,194.00
Initial HOA (3 months)$600.00
Prepaid interest, first (9 days)$1,556.33
Prepaid interest, second (9 days)$84.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 6.89%
Interest already paid$100,849Through Dec 2026
Assumption only · ends May 2055$1,174,232
Assumption + second · ends May 2055, second Jan 2057$1,251,616
New conventional · ends Jan 2057$1,386,967