Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,947/mo
Lowest payment- Down payment
- $97,477
- Funds due
- $117,438
- Interest + MI left
- $822,738
- First ends
- Mar 2056
Assumption
Assumption + second
$5,528/mo
+$581/mo- Down payment
- $40,477
- Funds due
- $61,855
- Interest + MI left
- $974,837
- First ends
- Mar 2056
New loan
New conventional
$5,899/mo
+$952/mo- Down payment
- $40,477
- Funds due
- $55,997
- Interest + MI left
- $1,114,650
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $702,523 | $702,523 | $759,523 |
| Second mortgage | — | $57,000 | — |
| First P&I | $4,345.47 | $4,345.47 | $5,145.27 |
| Second P&I | — | $580.83 | — |
| Mortgage insurance | — | — | $151.90 |
| Taxes, insurance & HOA | $601.67 | $601.67 | $601.67 |
| Total housing payment | $4,947.14 | $5,527.97 | $5,898.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,477
Closing costs & prepaids$21,378
Usable credit−$0
Total buyer cash needed$61,855
Earnest money paid−$0
Remaining funds due$61,855
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,512.61
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)$195.00
Prepaid interest, first (9 days)$1,075.73
Prepaid interest, second (9 days)$166.90
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 3 moOf the original 30-year loan at 6.21%
Interest already paid$32,882Through Dec 2026
Assumption only · ends Mar 2056$822,738
Assumption + second · ends Mar 2056, second Jan 2057$974,837
New conventional · ends Jan 2057$1,114,650