Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,449/mo
Lowest payment- Down payment
- $270,680
- Funds due
- $289,819
- Interest + MI left
- $538,318
- First ends
- Apr 2050
Assumption
Assumption + second
$5,828/mo
+$1,379/mo- Down payment
- $82,680
- Funds due
- $103,439
- Interest + MI left
- $846,929
- First ends
- Apr 2050
New loan
New conventional
$5,724/mo
+$1,275/mo- Down payment
- $82,680
- Funds due
- $97,832
- Interest + MI left
- $1,085,395
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $554,320 | $554,320 | $742,320 |
| Second mortgage | — | $188,000 | — |
| First P&I | $3,902.28 | $3,902.28 | $5,028.73 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | — | — | $148.46 |
| Taxes, insurance & HOA | $546.67 | $546.67 | $546.67 |
| Total housing payment | $4,448.94 | $5,828.42 | $5,723.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,680
Closing costs & prepaids$20,759
Usable credit−$0
Total buyer cash needed$103,439
Earnest money paid−$0
Remaining funds due$103,439
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,771.60
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)$990.00
Prepaid interest, first (9 days)$908.93
Prepaid interest, second (9 days)$370.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing23 yr 4 moOf the original 25-year loan at 6.65%
Interest already paid$62,365Through Dec 2026
Assumption only · ends Apr 2050$538,318
Assumption + second · ends Apr 2050, second Jan 2057$846,929
New conventional · ends Jan 2057$1,085,395