Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,109/mo
Lowest payment- Down payment
- $224,357
- Funds due
- $245,413
- Interest + MI left
- $783,606
- First ends
- Mar 2056
Assumption
Assumption + second
$6,092/mo
+$983/mo- Down payment
- $90,357
- Funds due
- $112,722
- Interest + MI left
- $1,003,574
- First ends
- Mar 2056
New loan
New conventional
$6,726/mo
+$1,618/mo- Down payment
- $90,357
- Funds due
- $106,444
- Interest + MI left
- $1,226,362
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $674,643 | $674,643 | $808,643 |
| Second mortgage | — | $134,000 | — |
| First P&I | $4,142.75 | $4,142.75 | $5,598.88 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | — | — | $161.73 |
| Taxes, insurance & HOA | $965.83 | $965.83 | $965.83 |
| Total housing payment | $5,108.58 | $6,091.83 | $6,726.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,357
Closing costs & prepaids$22,365
Usable credit−$0
Total buyer cash needed$112,722
Earnest money paid−$0
Remaining funds due$112,722
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,373.21
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)$2,247.50
Prepaid interest, first (2 days)$227.35
Prepaid interest, second (2 days)$58.74
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 4 moOf the original 30-year loan at 6.150%
Interest already paid$27,785Through Nov 2026
Assumption only · ends Mar 2056$783,606
Assumption + second · ends Mar 2056, second Dec 2056$1,003,574
New conventional · ends Dec 2056$1,226,362