Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,717/mo
Lowest payment- Down payment
- $216,010
- Funds due
- $241,204
- Interest + MI left
- $1,112,691
- First ends
- May 2056
Assumption
Assumption + second
$7,490/mo
+$772/mo- Down payment
- $120,010
- Funds due
- $146,501
- Interest + MI left
- $1,294,769
- First ends
- May 2056
New loan
New conventional
$8,488/mo
+$1,771/mo- Down payment
- $120,010
- Funds due
- $138,406
- Interest + MI left
- $1,637,877
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $983,990 | $983,990 | $1,079,990 |
| Second mortgage | — | $96,000 | — |
| First P&I | $5,922.83 | $5,922.83 | $7,477.63 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | — | — | $216.00 |
| Taxes, insurance & HOA | $794.25 | $794.25 | $794.25 |
| Total housing payment | $6,717.08 | $7,489.51 | $8,487.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,010
Closing costs & prepaids$26,490
Usable credit−$0
Total buyer cash needed$146,501
Earnest money paid−$0
Remaining funds due$146,501
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,919.95
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)$982.75
Initial HOA (3 months)$750.00
Prepaid interest, first (2 days)$322.43
Prepaid interest, second (2 days)$47.34
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 6 moOf the original 30-year loan at 5.980%
Interest already paid$29,527Through Nov 2026
Assumption only · ends May 2056$1,112,691
Assumption + second · ends May 2056, second Dec 2056$1,294,769
New conventional · ends Dec 2056$1,637,877