Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,764/mo
Lowest payment- Down payment
- $234,306
- Funds due
- $253,051
- Interest + MI left
- $472,594
- First ends
- Jul 2056
Assumption
Assumption + second
$4,931/mo
+$1,167/mo- Down payment
- $75,306
- Funds due
- $95,370
- Interest + MI left
- $733,601
- First ends
- Jul 2056
New loan
New conventional
$5,790/mo
+$2,026/mo- Down payment
- $75,306
- Funds due
- $90,064
- Interest + MI left
- $1,021,702
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $514,694 | $514,694 | $673,694 |
| Second mortgage | — | $159,000 | — |
| First P&I | $2,773.28 | $2,773.28 | $4,664.52 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $134.74 |
| Taxes, insurance & HOA | $990.83 | $990.83 | $990.83 |
| Total housing payment | $3,764.11 | $4,930.80 | $5,790.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,306
Closing costs & prepaids$20,064
Usable credit−$0
Total buyer cash needed$95,370
Earnest money paid−$0
Remaining funds due$95,370
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,573.47
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)$1,872.50
Initial HOA (3 months)$450.00
Prepaid interest, first (2 days)$140.73
Prepaid interest, second (2 days)$69.70
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 8 moOf the original 30-year loan at 4.990%
Interest already paid$8,587Through Nov 2026
Assumption only · ends Jul 2056$472,594
Assumption + second · ends Jul 2056, second Dec 2056$733,601
New conventional · ends Dec 2056$1,021,702