Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,824/mo
Lowest payment- Down payment
- $96,771
- Funds due
- $115,411
- Interest + MI left
- $826,378
- First ends
- Mar 2056
Assumption
Assumption + second
$5,395/mo
+$571/mo- Down payment
- $40,771
- Funds due
- $60,679
- Interest + MI left
- $975,808
- First ends
- Mar 2056
New loan
New conventional
$5,887/mo
+$1,063/mo- Down payment
- $40,771
- Funds due
- $54,728
- Interest + MI left
- $1,155,370
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $703,229 | $703,229 | $759,229 |
| Second mortgage | — | $56,000 | — |
| First P&I | $4,345.47 | $4,345.47 | $5,256.75 |
| Second P&I | — | $570.64 | — |
| Mortgage insurance | — | — | $151.85 |
| Taxes, insurance & HOA | $478.67 | $478.67 | $478.67 |
| Total housing payment | $4,824.14 | $5,394.78 | $5,887.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,771
Closing costs & prepaids$19,908
Usable credit−$0
Total buyer cash needed$60,679
Earnest money paid−$0
Remaining funds due$60,679
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,516.15
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)$591.00
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$119.65
Prepaid interest, second (1 days)$18.22
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 4 moOf the original 30-year loan at 6.210%
Interest already paid$29,243Through Nov 2026
Assumption only · ends Mar 2056$826,378
Assumption + second · ends Mar 2056, second Dec 2056$975,808
New conventional · ends Dec 2056$1,155,370