Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,305/mo
Lowest payment- Down payment
- $485,587
- Funds due
- $512,085
- Interest + MI left
- $986,031
- First ends
- Jul 2056
Assumption
Assumption + second
$8,870/mo
+$2,565/mo- Down payment
- $127,587
- Funds due
- $155,487
- Interest + MI left
- $1,551,343
- First ends
- Jul 2056
New loan
New conventional
$9,492/mo
+$3,187/mo- Down payment
- $127,587
- Funds due
- $148,255
- Interest + MI left
- $1,740,129
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $789,413 | $789,413 | $1,147,413 |
| Second mortgage | — | $358,000 | — |
| First P&I | $4,987.20 | $4,987.20 | $7,944.46 |
| Second P&I | — | $2,564.76 | — |
| Mortgage insurance | — | — | $229.48 |
| Taxes, insurance & HOA | $1,318.00 | $1,318.00 | $1,318.00 |
| Total housing payment | $6,305.20 | $8,869.95 | $9,491.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$127,587
Closing costs & prepaids$27,901
Usable credit−$0
Total buyer cash needed$155,487
Earnest money paid−$0
Remaining funds due$155,487
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,947.07
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)$3,036.00
Initial HOA (3 months)$267.99
Prepaid interest, first (2 days)$279.43
Prepaid interest, second (2 days)$152.03
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 6.460%
Interest already paid$17,038Through Nov 2026
Assumption only · ends Jul 2056$986,031
Assumption + second · ends Jul 2056, second Dec 2056$1,551,343
New conventional · ends Dec 2056$1,740,129