Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,618/mo
Lowest payment- Down payment
- $85,470
- Funds due
- $108,074
- Interest + MI left
- $1,236,804
- First ends
- May 2056
Assumption
Assumption + second
$6,934/mo
+$316/mo- Down payment
- $54,470
- Funds due
- $78,345
- Interest + MI left
- $1,319,524
- First ends
- May 2056
New loan
New conventional
$7,599/mo
+$981/mo- Down payment
- $54,470
- Funds due
- $70,851
- Interest + MI left
- $1,553,008
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $989,529 | $989,529 | $1,020,529 |
| Second mortgage | — | $31,000 | — |
| First P&I | $6,289.08 | $6,289.08 | $7,065.94 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $204.11 |
| Taxes, insurance & HOA | $328.92 | $328.92 | $328.92 |
| Total housing payment | $6,617.99 | $6,933.88 | $7,598.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,470
Closing costs & prepaids$23,875
Usable credit−$0
Total buyer cash needed$78,345
Earnest money paid−$0
Remaining funds due$78,345
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,749.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,947.65
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)$336.75
Prepaid interest, first (2 days)$352.44
Prepaid interest, second (2 days)$20.17
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 6.500%
Interest already paid$32,264Through Nov 2026
Assumption only · ends May 2056$1,236,804
Assumption + second · ends May 2056, second Dec 2056$1,319,524
New conventional · ends Dec 2056$1,553,008