Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,668/mo
Lowest payment- Down payment
- $79,179
- Funds due
- $101,777
- Interest + MI left
- $1,098,210
- First ends
- May 2055
Assumption
Assumption + second
$6,964/mo
+$296/mo- Down payment
- $50,179
- Funds due
- $74,036
- Interest + MI left
- $1,175,594
- First ends
- May 2055
New loan
New conventional
$7,510/mo
+$842/mo- Down payment
- $50,179
- Funds due
- $66,931
- Interest + MI left
- $1,437,987
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $915,821 | $915,821 | $944,821 |
| Second mortgage | — | $29,000 | — |
| First P&I | $5,888.98 | $5,888.98 | $6,541.75 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $188.96 |
| Taxes, insurance & HOA | $779.08 | $779.08 | $779.08 |
| Total housing payment | $6,668.06 | $6,963.57 | $7,509.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,179
Closing costs & prepaids$23,857
Usable credit−$0
Total buyer cash needed$74,036
Earnest money paid−$0
Remaining funds due$74,036
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,579.10
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)$1,087.25
Initial HOA (3 months)$600.00
Prepaid interest, first (1 days)$163.09
Prepaid interest, second (1 days)$9.43
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 closing28 yr 6 moOf the original 30-year loan at 6.500%
Interest already paid$90,122Through Nov 2026
Assumption only · ends May 2055$1,098,210
Assumption + second · ends May 2055, second Dec 2056$1,175,594
New conventional · ends Dec 2056$1,437,987