Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,075/mo
Lowest payment- Down payment
- $165,704
- Funds due
- $189,501
- Interest + MI left
- $994,689
- First ends
- Mar 2056
Assumption
Assumption + second
$6,582/mo
+$507/mo- Down payment
- $102,704
- Funds due
- $127,891
- Interest + MI left
- $1,114,178
- First ends
- Mar 2056
New loan
New conventional
$7,225/mo
+$1,150/mo- Down payment
- $102,704
- Funds due
- $120,714
- Interest + MI left
- $1,348,549
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $859,296 | $859,296 | $922,296 |
| Second mortgage | — | $63,000 | — |
| First P&I | $5,282.01 | $5,282.01 | $6,247.95 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | — | — | $184.46 |
| Taxes, insurance & HOA | $793.00 | $793.00 | $793.00 |
| Total housing payment | $6,075.00 | $6,581.92 | $7,225.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$102,704
Closing costs & prepaids$25,186
Usable credit−$0
Total buyer cash needed$127,891
Earnest money paid−$0
Remaining funds due$127,891
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,296.48
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)$1,230.00
Initial HOA (3 months)$498.99
Prepaid interest, first (9 days)$1,303.07
Prepaid interest, second (9 days)$139.81
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 6.15%
Interest already paid$39,834Through Dec 2026
Assumption only · ends Mar 2056$994,689
Assumption + second · ends Mar 2056, second Jan 2057$1,114,178
New conventional · ends Jan 2057$1,348,549