Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,442/mo
Lowest payment- Down payment
- $147,066
- Funds due
- $164,750
- Interest + MI left
- $750,860
- First ends
- Sep 2055
Assumption
Assumption + second
$5,029/mo
+$587/mo- Down payment
- $74,066
- Funds due
- $93,018
- Interest + MI left
- $889,315
- First ends
- Sep 2055
New loan
New conventional
$5,281/mo
+$839/mo- Down payment
- $74,066
- Funds due
- $87,302
- Interest + MI left
- $1,002,351
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $587,934 | $587,934 | $660,934 |
| Second mortgage | — | $73,000 | — |
| First P&I | $3,869.35 | $3,869.35 | $4,576.17 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | — | — | $132.19 |
| Taxes, insurance & HOA | $572.50 | $572.50 | $572.50 |
| Total housing payment | $4,441.85 | $5,029.22 | $5,280.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,066
Closing costs & prepaids$18,952
Usable credit−$0
Total buyer cash needed$93,018
Earnest money paid−$0
Remaining funds due$93,018
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,939.67
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)$650.50
Initial HOA (3 months)$417.00
Prepaid interest, first (1 days)$109.05
Prepaid interest, second (1 days)$18.00
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 10 moOf the original 30-year loan at 6.770%
Interest already paid$46,755Through Nov 2026
Assumption only · ends Sep 2055$750,860
Assumption + second · ends Sep 2055, second Dec 2056$889,315
New conventional · ends Dec 2056$1,002,351