Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,762/mo
Lowest payment- Down payment
- $176,359
- Funds due
- $195,573
- Interest + MI left
- $814,181
- First ends
- Dec 2055
Assumption
Assumption + second
$5,471/mo
+$708/mo- Down payment
- $88,359
- Funds due
- $108,844
- Interest + MI left
- $981,085
- First ends
- Dec 2055
New loan
New conventional
$6,032/mo
+$1,269/mo- Down payment
- $88,359
- Funds due
- $102,443
- Interest + MI left
- $1,192,837
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $698,641 | $698,641 | $786,641 |
| Second mortgage | — | $88,000 | — |
| First P&I | $4,334.73 | $4,334.73 | $5,446.54 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $157.33 |
| Taxes, insurance & HOA | $427.75 | $427.75 | $427.75 |
| Total housing payment | $4,762.48 | $5,470.55 | $6,031.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,359
Closing costs & prepaids$20,485
Usable credit−$0
Total buyer cash needed$108,844
Earnest money paid−$0
Remaining funds due$108,844
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,493.20
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)$570.75
Initial HOA (3 months)$62.49
Prepaid interest, first (1 days)$119.06
Prepaid interest, second (1 days)$21.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.220%
Interest already paid$40,073Through Nov 2026
Assumption only · ends Dec 2055$814,181
Assumption + second · ends Dec 2055, second Dec 2056$981,085
New conventional · ends Dec 2056$1,192,837