Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,324/mo
Lowest payment- Down payment
- $68,225
- Funds due
- $88,920
- Interest + MI left
- $871,027
- First ends
- Jan 2056
Assumption
Assumption + second
$5,599/mo
+$275/mo- Down payment
- $41,225
- Funds due
- $63,249
- Interest + MI left
- $943,074
- First ends
- Jan 2056
New loan
New conventional
$6,105/mo
+$782/mo- Down payment
- $41,225
- Funds due
- $57,187
- Interest + MI left
- $1,142,889
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $751,765 | $751,765 | $778,765 |
| Second mortgage | — | $27,000 | — |
| First P&I | $4,649.83 | $4,649.83 | $5,275.63 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $155.75 |
| Taxes, insurance & HOA | $673.67 | $673.67 | $673.67 |
| Total housing payment | $5,323.50 | $5,598.63 | $6,105.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,225
Closing costs & prepaids$22,024
Usable credit−$0
Total buyer cash needed$63,249
Earnest money paid−$0
Remaining funds due$63,249
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,199.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,758.83
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)$984.00
Initial HOA (3 months)$387.00
Prepaid interest, first (9 days)$1,147.42
Prepaid interest, second (9 days)$79.06
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 closing29 yr 1 moOf the original 30-year loan at 6.19%
Interest already paid$42,913Through Dec 2026
Assumption only · ends Jan 2056$871,027
Assumption + second · ends Jan 2056, second Jan 2057$943,074
New conventional · ends Jan 2057$1,142,889