Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,611/mo
Lowest payment- Down payment
- $166,805
- Funds due
- $186,592
- Interest + MI left
- $732,488
- First ends
- Jan 2056
Assumption
Assumption + second
$5,303/mo
+$692/mo- Down payment
- $80,805
- Funds due
- $102,032
- Interest + MI left
- $895,599
- First ends
- Jan 2056
New loan
New conventional
$5,710/mo
+$1,099/mo- Down payment
- $80,805
- Funds due
- $96,136
- Interest + MI left
- $1,050,120
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $632,195 | $632,195 | $718,195 |
| Second mortgage | — | $86,000 | — |
| First P&I | $3,910.27 | $3,910.27 | $4,865.30 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $143.64 |
| Taxes, insurance & HOA | $700.92 | $700.92 | $700.92 |
| Total housing payment | $4,611.19 | $5,303.16 | $5,709.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,805
Closing costs & prepaids$21,228
Usable credit−$0
Total buyer cash needed$102,032
Earnest money paid−$0
Remaining funds due$102,032
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,160.98
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)$958.75
Initial HOA (3 months)$494.01
Prepaid interest, first (9 days)$964.92
Prepaid interest, second (9 days)$190.85
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 6.19%
Interest already paid$36,088Through Dec 2026
Assumption only · ends Jan 2056$732,488
Assumption + second · ends Jan 2056, second Jan 2057$895,599
New conventional · ends Jan 2057$1,050,120