Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,503/mo
Lowest payment- Down payment
- $393,179
- Funds due
- $417,234
- Interest + MI left
- $880,646
- First ends
- Jul 2055
Assumption
Assumption + second
$7,509/mo
+$2,006/mo- Down payment
- $113,179
- Funds due
- $139,019
- Interest + MI left
- $1,322,790
- First ends
- Jul 2055
New loan
New conventional
$7,858/mo
+$2,356/mo- Down payment
- $113,179
- Funds due
- $132,269
- Interest + MI left
- $1,479,450
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $731,821 | $731,821 | $1,011,821 |
| Second mortgage | — | $280,000 | — |
| First P&I | $4,701.07 | $4,701.07 | $6,854.43 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | — | — | $202.36 |
| Taxes, insurance & HOA | $801.67 | $801.67 | $801.67 |
| Total housing payment | $5,502.74 | $7,508.69 | $7,858.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$113,179
Closing costs & prepaids$25,840
Usable credit−$0
Total buyer cash needed$139,019
Earnest money paid−$0
Remaining funds due$139,019
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,659.10
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)$1,350.00
Initial HOA (3 months)$405.00
Prepaid interest, first (9 days)$1,172.92
Prepaid interest, second (9 days)$535.07
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 closing28 yr 7 moOf the original 30-year loan at 6.5%
Interest already paid$67,979Through Dec 2026
Assumption only · ends Jul 2055$880,646
Assumption + second · ends Jul 2055, second Jan 2057$1,322,790
New conventional · ends Jan 2057$1,479,450