Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,878/mo
Lowest payment- Down payment
- $300,848
- Funds due
- $321,870
- Interest + MI left
- $785,314
- First ends
- Apr 2055
Assumption
Assumption + second
$6,383/mo
+$1,504/mo- Down payment
- $90,848
- Funds due
- $113,521
- Interest + MI left
- $1,116,922
- First ends
- Apr 2055
New loan
New conventional
$6,449/mo
+$1,571/mo- Down payment
- $90,848
- Funds due
- $107,566
- Interest + MI left
- $1,182,968
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $599,052 | $599,052 | $809,052 |
| Second mortgage | — | $210,000 | — |
| First P&I | $4,071.67 | $4,071.67 | $5,480.80 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | — | — | $161.81 |
| Taxes, insurance & HOA | $806.67 | $806.67 | $806.67 |
| Total housing payment | $4,878.33 | $6,382.80 | $6,449.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,848
Closing costs & prepaids$22,673
Usable credit−$0
Total buyer cash needed$113,521
Earnest money paid−$0
Remaining funds due$113,521
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,995.26
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)$1,080.00
Initial HOA (3 months)$690.00
Prepaid interest, first (9 days)$1,039.89
Prepaid interest, second (9 days)$401.30
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 7.04%
Interest already paid$70,947Through Dec 2026
Assumption only · ends Apr 2055$785,314
Assumption + second · ends Apr 2055, second Jan 2057$1,116,922
New conventional · ends Jan 2057$1,182,968