Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,631/mo
Lowest payment- Down payment
- $392,609
- Funds due
- $416,714
- Interest + MI left
- $923,941
- First ends
- Jul 2055
Assumption
Assumption + second
$7,637/mo
+$2,006/mo- Down payment
- $112,609
- Funds due
- $138,499
- Interest + MI left
- $1,366,085
- First ends
- Jul 2055
New loan
New conventional
$7,862/mo
+$2,232/mo- Down payment
- $112,609
- Funds due
- $131,705
- Interest + MI left
- $1,480,283
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $732,391 | $732,391 | $1,012,391 |
| Second mortgage | — | $280,000 | — |
| First P&I | $4,828.96 | $4,828.96 | $6,858.29 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | — | — | $202.48 |
| Taxes, insurance & HOA | $801.67 | $801.67 | $801.67 |
| Total housing payment | $5,630.62 | $7,636.58 | $7,862.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$112,609
Closing costs & prepaids$25,891
Usable credit−$0
Total buyer cash needed$138,499
Earnest money paid−$0
Remaining funds due$138,499
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%)$3,661.96
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)$1,220.79
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 6.76%
Interest already paid$70,724Through Dec 2026
Assumption only · ends Jul 2055$923,941
Assumption + second · ends Jul 2055, second Jan 2057$1,366,085
New conventional · ends Jan 2057$1,480,283