Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,872/mo
Lowest payment- Down payment
- $101,903
- Funds due
- $119,850
- Interest + MI left
- $840,932
- First ends
- Apr 2055
Assumption
Assumption + second
$5,081/mo
+$209/mo- Down payment
- $75,903
- Funds due
- $95,107
- Interest + MI left
- $890,245
- First ends
- Apr 2055
New loan
New conventional
$5,307/mo
+$435/mo- Down payment
- $75,903
- Funds due
- $89,071
- Interest + MI left
- $1,022,179
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $648,097 | $648,097 | $674,097 |
| Second mortgage | — | $26,000 | — |
| First P&I | $4,366.65 | $4,366.65 | $4,667.31 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $134.82 |
| Taxes, insurance & HOA | $505.17 | $505.17 | $505.17 |
| Total housing payment | $4,871.82 | $5,081.02 | $5,307.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,903
Closing costs & prepaids$19,204
Usable credit−$0
Total buyer cash needed$95,107
Earnest money paid−$0
Remaining funds due$95,107
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,240.49
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)$625.50
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$123.58
Prepaid interest, second (1 days)$6.41
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 5 moOf the original 30-year loan at 6.960%
Interest already paid$72,064Through Nov 2026
Assumption only · ends Apr 2055$840,932
Assumption + second · ends Apr 2055, second Dec 2056$890,245
New conventional · ends Dec 2056$1,022,179