Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,109/mo
Lowest payment- Down payment
- $198,593
- Funds due
- $217,257
- Interest + MI left
- $673,349
- First ends
- Feb 2056
Assumption
Assumption + second
$4,996/mo
+$888/mo- Down payment
- $77,593
- Funds due
- $97,746
- Interest + MI left
- $871,977
- First ends
- Feb 2056
New loan
New conventional
$5,381/mo
+$1,273/mo- Down payment
- $77,593
- Funds due
- $92,174
- Interest + MI left
- $1,012,412
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $571,406 | $571,406 | $692,406 |
| Second mortgage | — | $121,000 | — |
| First P&I | $3,556.44 | $3,556.44 | $4,690.60 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $138.48 |
| Taxes, insurance & HOA | $552.17 | $552.17 | $552.17 |
| Total housing payment | $4,108.61 | $4,996.46 | $5,381.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,593
Closing costs & prepaids$20,152
Usable credit−$0
Total buyer cash needed$97,746
Earnest money paid−$0
Remaining funds due$97,746
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,699.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,857.03
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)$924.00
Initial HOA (3 months)$82.50
Prepaid interest, first (9 days)$882.00
Prepaid interest, second (9 days)$238.68
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 2 moOf the original 30-year loan at 6.26%
Interest already paid$29,970Through Dec 2026
Assumption only · ends Feb 2056$673,349
Assumption + second · ends Feb 2056, second Jan 2057$871,977
New conventional · ends Jan 2057$1,012,412