Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,586/mo
Lowest payment- Down payment
- $116,820
- Funds due
- $134,824
- Interest + MI left
- $783,926
- First ends
- Nov 2055
Assumption
Assumption + second
$4,916/mo
+$330/mo- Down payment
- $75,820
- Funds due
- $95,094
- Interest + MI left
- $861,689
- First ends
- Nov 2055
New loan
New conventional
$5,317/mo
+$731/mo- Down payment
- $75,820
- Funds due
- $89,153
- Interest + MI left
- $1,022,304
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $633,180 | $633,180 | $674,180 |
| Second mortgage | — | $41,000 | — |
| First P&I | $4,072.14 | $4,072.14 | $4,667.89 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | — | — | $134.84 |
| Taxes, insurance & HOA | $514.16 | $514.16 | $514.16 |
| Total housing payment | $4,586.31 | $4,916.20 | $5,316.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,820
Closing costs & prepaids$19,274
Usable credit−$0
Total buyer cash needed$95,094
Earnest money paid−$0
Remaining funds due$95,094
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,165.90
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)$717.50
Initial HOA (3 months)$174.99
Prepaid interest, first (2 days)$227.60
Prepaid interest, second (2 days)$20.22
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 yrOf the original 30-year loan at 6.560%
Interest already paid$41,791Through Nov 2026
Assumption only · ends Nov 2055$783,926
Assumption + second · ends Nov 2055, second Dec 2056$861,689
New conventional · ends Dec 2056$1,022,304