Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,996/mo
Lowest payment- Down payment
- $135,700
- Funds due
- $154,446
- Interest + MI left
- $869,580
- First ends
- Jun 2055
Assumption
Assumption + second
$5,423/mo
+$426/mo- Down payment
- $82,700
- Funds due
- $102,709
- Interest + MI left
- $970,102
- First ends
- Jun 2055
New loan
New conventional
$5,739/mo
+$743/mo- Down payment
- $82,700
- Funds due
- $96,403
- Interest + MI left
- $1,125,748
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $689,300 | $689,300 | $742,300 |
| Second mortgage | — | $53,000 | — |
| First P&I | $4,544.84 | $4,544.84 | $5,139.54 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | — | — | $148.46 |
| Taxes, insurance & HOA | $451.42 | $451.42 | $451.42 |
| Total housing payment | $4,996.26 | $5,422.71 | $5,739.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,700
Closing costs & prepaids$20,009
Usable credit−$0
Total buyer cash needed$102,709
Earnest money paid−$0
Remaining funds due$102,709
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,446.50
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)$704.25
Prepaid interest, first (1 days)$127.66
Prepaid interest, second (1 days)$13.07
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 7 moOf the original 30-year loan at 6.760%
Interest already paid$66,563Through Nov 2026
Assumption only · ends Jun 2055$869,580
Assumption + second · ends Jun 2055, second Dec 2056$970,102
New conventional · ends Dec 2056$1,125,748