Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,935/mo
Lowest payment- Down payment
- $159,760
- Funds due
- $179,653
- Interest + MI left
- $832,251
- First ends
- Oct 2055
Assumption
Assumption + second
$5,571/mo
+$636/mo- Down payment
- $80,760
- Funds due
- $102,078
- Interest + MI left
- $982,086
- First ends
- Oct 2055
New loan
New conventional
$5,696/mo
+$760/mo- Down payment
- $80,760
- Funds due
- $96,040
- Interest + MI left
- $1,051,633
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $640,230 | $640,230 | $719,230 |
| Second mortgage | — | $79,000 | — |
| First P&I | $4,255.73 | $4,255.73 | $4,872.31 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | — | — | $143.85 |
| Taxes, insurance & HOA | $679.67 | $679.67 | $679.67 |
| Total housing payment | $4,935.39 | $5,571.04 | $5,695.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,760
Closing costs & prepaids$21,318
Usable credit−$0
Total buyer cash needed$102,078
Earnest money paid−$0
Remaining funds due$102,078
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,999.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,201.15
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)$960.00
Initial HOA (3 months)$429.00
Prepaid interest, first (9 days)$1,084.53
Prepaid interest, second (9 days)$175.32
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 10 moOf the original 30-year loan at 6.87%
Interest already paid$51,659Through Dec 2026
Assumption only · ends Oct 2055$832,251
Assumption + second · ends Oct 2055, second Jan 2057$982,086
New conventional · ends Jan 2057$1,051,633