Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,662/mo
Lowest payment- Down payment
- $169,183
- Funds due
- $187,394
- Interest + MI left
- $835,920
- First ends
- Oct 2055
Assumption
Assumption + second
$5,370/mo
+$708/mo- Down payment
- $81,183
- Funds due
- $100,666
- Interest + MI left
- $1,002,825
- First ends
- Oct 2055
New loan
New conventional
$5,598/mo
+$936/mo- Down payment
- $81,183
- Funds due
- $94,612
- Interest + MI left
- $1,105,300
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $640,817 | $640,817 | $728,817 |
| Second mortgage | — | $88,000 | — |
| First P&I | $4,255.73 | $4,255.73 | $5,046.18 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $145.76 |
| Taxes, insurance & HOA | $406.08 | $406.08 | $406.08 |
| Total housing payment | $4,661.81 | $5,369.88 | $5,598.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$81,183
Closing costs & prepaids$19,483
Usable credit−$0
Total buyer cash needed$100,666
Earnest money paid−$0
Remaining funds due$100,666
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,204.08
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)$139.25
Initial HOA (3 months)$429.00
Prepaid interest, first (1 days)$120.61
Prepaid interest, second (1 days)$21.70
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 11 moOf the original 30-year loan at 6.870%
Interest already paid$47,990Through Nov 2026
Assumption only · ends Oct 2055$835,920
Assumption + second · ends Oct 2055, second Dec 2056$1,002,825
New conventional · ends Dec 2056$1,105,300