Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,765/mo
Lowest payment- Down payment
- $235,296
- Funds due
- $254,053
- Interest + MI left
- $472,594
- First ends
- Jul 2056
Assumption
Assumption + second
$4,939/mo
+$1,174/mo- Down payment
- $75,296
- Funds due
- $95,373
- Interest + MI left
- $735,243
- First ends
- Jul 2056
New loan
New conventional
$5,798/mo
+$2,033/mo- Down payment
- $75,296
- Funds due
- $90,067
- Interest + MI left
- $1,023,219
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $514,694 | $514,694 | $674,694 |
| Second mortgage | — | $160,000 | — |
| First P&I | $2,773.28 | $2,773.28 | $4,671.44 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | — | — | $134.94 |
| Taxes, insurance & HOA | $991.67 | $991.67 | $991.67 |
| Total housing payment | $3,764.95 | $4,938.97 | $5,798.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,296
Closing costs & prepaids$20,077
Usable credit−$0
Total buyer cash needed$95,373
Earnest money paid−$0
Remaining funds due$95,373
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,499.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,573.47
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)$1,875.00
Initial HOA (3 months)$450.00
Prepaid interest, first (2 days)$140.73
Prepaid interest, second (2 days)$70.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 4.990%
Interest already paid$8,587Through Nov 2026
Assumption only · ends Jul 2056$472,594
Assumption + second · ends Jul 2056, second Dec 2056$735,243
New conventional · ends Dec 2056$1,023,219