Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,608/mo
Lowest payment- Down payment
- $166,159
- Funds due
- $185,083
- Interest + MI left
- $735,752
- First ends
- Jan 2056
Assumption
Assumption + second
$5,300/mo
+$692/mo- Down payment
- $80,159
- Funds due
- $100,354
- Interest + MI left
- $898,863
- First ends
- Jan 2056
New loan
New conventional
$5,819/mo
+$1,211/mo- Down payment
- $80,159
- Funds due
- $94,362
- Interest + MI left
- $1,090,171
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $632,841 | $632,841 | $718,841 |
| Second mortgage | — | $86,000 | — |
| First P&I | $3,910.27 | $3,910.27 | $4,977.11 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $143.77 |
| Taxes, insurance & HOA | $698.09 | $698.09 | $698.09 |
| Total housing payment | $4,608.35 | $5,300.33 | $5,818.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,159
Closing costs & prepaids$20,195
Usable credit−$0
Total buyer cash needed$100,354
Earnest money paid−$0
Remaining funds due$100,354
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%)$3,164.20
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)$950.25
Initial HOA (3 months)$494.01
Prepaid interest, first (1 days)$107.32
Prepaid interest, second (1 days)$21.21
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 2 moOf the original 30-year loan at 6.190%
Interest already paid$32,824Through Nov 2026
Assumption only · ends Jan 2056$735,752
Assumption + second · ends Jan 2056, second Dec 2056$898,863
New conventional · ends Dec 2056$1,090,171