Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,767/mo
Lowest payment- Down payment
- $522,905
- Funds due
- $543,626
- Interest + MI left
- $565,538
- First ends
- Apr 2055
Assumption
Assumption + second
$6,805/mo
+$3,038/mo- Down payment
- $98,905
- Funds due
- $121,686
- Interest + MI left
- $1,235,069
- First ends
- Apr 2055
New loan
New conventional
$6,925/mo
+$3,157/mo- Down payment
- $98,905
- Funds due
- $116,344
- Interest + MI left
- $1,295,617
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $462,095 | $462,095 | $886,095 |
| Second mortgage | — | $424,000 | — |
| First P&I | $3,022.45 | $3,022.45 | $6,002.72 |
| Second P&I | — | $3,037.59 | — |
| Mortgage insurance | — | — | $177.22 |
| Taxes, insurance & HOA | $744.67 | $744.67 | $744.67 |
| Total housing payment | $3,767.11 | $6,804.70 | $6,924.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,905
Closing costs & prepaids$22,780
Usable credit−$0
Total buyer cash needed$121,686
Earnest money paid−$0
Remaining funds due$121,686
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,310.47
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)$1,182.00
Initial HOA (3 months)$402.00
Prepaid interest, first (9 days)$757.71
Prepaid interest, second (9 days)$810.25
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 4 moOf the original 30-year loan at 6.65%
Interest already paid$51,732Through Dec 2026
Assumption only · ends Apr 2055$565,538
Assumption + second · ends Apr 2055, second Jan 2057$1,235,069
New conventional · ends Jan 2057$1,295,617