Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,869/mo
Lowest payment- Down payment
- $175,572
- Funds due
- $192,753
- Interest + MI left
- $614,685
- First ends
- Jan 2056
Assumption
Assumption + second
$4,647/mo
+$778/mo- Down payment
- $69,572
- Funds due
- $88,212
- Interest + MI left
- $788,689
- First ends
- Jan 2056
New loan
New conventional
$4,982/mo
+$1,112/mo- Down payment
- $69,572
- Funds due
- $82,968
- Interest + MI left
- $914,479
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $519,428 | $519,428 | $625,428 |
| Second mortgage | — | $106,000 | — |
| First P&I | $3,249.61 | $3,249.61 | $4,236.87 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $125.09 |
| Taxes, insurance & HOA | $619.67 | $619.67 | $619.67 |
| Total housing payment | $3,869.27 | $4,647.06 | $4,981.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,572
Closing costs & prepaids$18,640
Usable credit−$0
Total buyer cash needed$88,212
Earnest money paid−$0
Remaining funds due$88,212
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,597.14
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$834.00
Initial HOA (3 months)$525.00
Prepaid interest, first (9 days)$806.89
Prepaid interest, second (9 days)$209.10
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 6.3%
Interest already paid$30,174Through Dec 2026
Assumption only · ends Jan 2056$614,685
Assumption + second · ends Jan 2056, second Jan 2057$788,689
New conventional · ends Jan 2057$914,479