Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,335/mo
Lowest payment- Down payment
- $85,448
- Funds due
- $102,748
- Interest + MI left
- $764,250
- First ends
- Jan 2056
Assumption
Assumption + second
$4,824/mo
+$489/mo- Down payment
- $37,448
- Funds due
- $56,029
- Interest + MI left
- $892,334
- First ends
- Jan 2056
New loan
New conventional
$5,282/mo
+$947/mo- Down payment
- $37,448
- Funds due
- $50,375
- Interest + MI left
- $1,067,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $653,552 | $653,552 | $701,552 |
| Second mortgage | — | $48,000 | — |
| First P&I | $4,050.86 | $4,050.86 | $4,857.40 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | — | — | $140.31 |
| Taxes, insurance & HOA | $284.00 | $284.00 | $284.00 |
| Total housing payment | $4,334.86 | $4,823.99 | $5,281.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,448
Closing costs & prepaids$18,582
Usable credit−$0
Total buyer cash needed$56,029
Earnest money paid−$0
Remaining funds due$56,029
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,267.76
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)$202.00
Prepaid interest, first (2 days)$222.74
Prepaid interest, second (2 days)$31.23
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 2 moOf the original 30-year loan at 6.220%
Interest already paid$34,061Through Nov 2026
Assumption only · ends Jan 2056$764,250
Assumption + second · ends Jan 2056, second Dec 2056$892,334
New conventional · ends Dec 2056$1,067,599