Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,824/mo
Lowest payment- Down payment
- $168,554
- Funds due
- $187,115
- Interest + MI left
- $638,440
- First ends
- Jul 2051
Assumption
Assumption + second
$5,516/mo
+$692/mo- Down payment
- $82,554
- Funds due
- $102,386
- Interest + MI left
- $801,552
- First ends
- Jul 2051
New loan
New conventional
$5,738/mo
+$914/mo- Down payment
- $82,554
- Funds due
- $96,253
- Interest + MI left
- $1,125,799
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $656,334 | $656,334 | $742,334 |
| Second mortgage | — | $86,000 | — |
| First P&I | $4,374.24 | $4,374.24 | $5,139.77 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $148.47 |
| Taxes, insurance & HOA | $449.92 | $449.92 | $449.92 |
| Total housing payment | $4,824.16 | $5,516.13 | $5,738.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,554
Closing costs & prepaids$19,833
Usable credit−$0
Total buyer cash needed$102,386
Earnest money paid−$0
Remaining funds due$102,386
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,248.88
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,281.67
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)$699.75
Prepaid interest, first (1 days)$113.29
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 closing24 yr 8 moOf the original 25-year loan at 6.300%
Interest already paid$13,831Through Nov 2026
Assumption only · ends Jul 2051$638,440
Assumption + second · ends Jul 2051, second Dec 2056$801,552
New conventional · ends Dec 2056$1,125,799