Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,083/mo
Lowest payment- Down payment
- $97,283
- Funds due
- $115,803
- Interest + MI left
- $751,004
- First ends
- Aug 2055
Assumption
Assumption + second
$5,316/mo
+$233/mo- Down payment
- $68,283
- Funds due
- $88,067
- Interest + MI left
- $806,007
- First ends
- Aug 2055
New loan
New conventional
$5,554/mo
+$471/mo- Down payment
- $68,283
- Funds due
- $82,466
- Interest + MI left
- $920,006
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $577,717 | $577,717 | $606,717 |
| Second mortgage | — | $29,000 | — |
| First P&I | $3,851.37 | $3,851.37 | $4,200.79 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $121.34 |
| Taxes, insurance & HOA | $1,231.75 | $1,231.75 | $1,231.75 |
| Total housing payment | $5,083.11 | $5,316.45 | $5,553.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,283
Closing costs & prepaids$19,784
Usable credit−$0
Total buyer cash needed$88,067
Earnest money paid−$0
Remaining funds due$88,067
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,888.58
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$2,645.25
Initial HOA (3 months)$549.99
Prepaid interest, first (2 days)$218.11
Prepaid interest, second (2 days)$14.30
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 closing28 yr 9 moOf the original 30-year loan at 6.890%
Interest already paid$50,112Through Nov 2026
Assumption only · ends Aug 2055$751,004
Assumption + second · ends Aug 2055, second Dec 2056$806,007
New conventional · ends Dec 2056$920,006