Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,157/mo
Lowest payment- Down payment
- $470,435
- Funds due
- $497,039
- Interest + MI left
- $1,006,162
- First ends
- Nov 2055
Assumption
Assumption + second
$8,592/mo
+$2,436/mo- Down payment
- $130,435
- Funds due
- $158,939
- Interest + MI left
- $1,543,051
- First ends
- Nov 2055
New loan
New conventional
$9,003/mo
+$2,846/mo- Down payment
- $130,435
- Funds due
- $151,559
- Interest + MI left
- $1,702,787
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $824,565 | $824,565 | $1,164,565 |
| Second mortgage | — | $340,000 | — |
| First P&I | $5,275.87 | $5,275.87 | $7,889.17 |
| Second P&I | — | $2,435.80 | — |
| Mortgage insurance | — | — | $232.91 |
| Taxes, insurance & HOA | $880.67 | $880.67 | $880.67 |
| Total housing payment | $6,156.54 | $8,592.34 | $9,002.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,435
Closing costs & prepaids$28,504
Usable credit−$0
Total buyer cash needed$158,939
Earnest money paid−$0
Remaining funds due$158,939
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,122.83
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)$1,554.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$1,321.56
Prepaid interest, second (9 days)$649.73
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 11 moOf the original 30-year loan at 6.5%
Interest already paid$58,452Through Dec 2026
Assumption only · ends Nov 2055$1,006,162
Assumption + second · ends Nov 2055, second Jan 2057$1,543,051
New conventional · ends Jan 2057$1,702,787