Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,017/mo
Lowest payment- Down payment
- $228,021
- Funds due
- $245,928
- Interest + MI left
- $676,333
- First ends
- Feb 2056
Assumption
Assumption + second
$5,103/mo
+$1,086/mo- Down payment
- $80,021
- Funds due
- $99,210
- Interest + MI left
- $919,283
- First ends
- Feb 2056
New loan
New conventional
$5,589/mo
+$1,573/mo- Down payment
- $80,021
- Funds due
- $93,523
- Interest + MI left
- $1,091,895
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $571,978 | $571,978 | $719,978 |
| Second mortgage | — | $148,000 | — |
| First P&I | $3,556.44 | $3,556.44 | $4,984.98 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | — | — | $144.00 |
| Taxes, insurance & HOA | $460.33 | $460.33 | $460.33 |
| Total housing payment | $4,016.78 | $5,102.75 | $5,589.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,021
Closing costs & prepaids$19,189
Usable credit−$0
Total buyer cash needed$99,210
Earnest money paid−$0
Remaining funds due$99,210
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,859.89
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)$648.50
Initial HOA (3 months)$82.50
Prepaid interest, first (1 days)$98.10
Prepaid interest, second (1 days)$32.44
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 closing29 yr 3 moOf the original 30-year loan at 6.260%
Interest already paid$26,986Through Nov 2026
Assumption only · ends Feb 2056$676,333
Assumption + second · ends Feb 2056, second Dec 2056$919,283
New conventional · ends Dec 2056$1,091,895