Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,507/mo
Lowest payment- Down payment
- $320,706
- Funds due
- $335,257
- Interest + MI left
- $348,960
- First ends
- Dec 2053
Assumption
Assumption + second
$4,370/mo
+$1,863/mo- Down payment
- $60,706
- Funds due
- $77,004
- Interest + MI left
- $759,522
- First ends
- Dec 2053
New loan
New conventional
$4,325/mo
+$1,818/mo- Down payment
- $60,706
- Funds due
- $72,930
- Interest + MI left
- $787,075
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,294 | $278,294 | $538,294 |
| Second mortgage | — | $260,000 | — |
| First P&I | $1,935.97 | $1,935.97 | $3,646.59 |
| Second P&I | — | $1,862.67 | — |
| Mortgage insurance | — | — | $107.66 |
| Taxes, insurance & HOA | $570.92 | $570.92 | $570.92 |
| Total housing payment | $2,506.89 | $4,369.56 | $4,325.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,706
Closing costs & prepaids$16,298
Usable credit−$0
Total buyer cash needed$77,004
Earnest money paid−$0
Remaining funds due$77,004
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,391.47
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$718.75
Initial HOA (3 months)$494.01
Prepaid interest, first (9 days)$488.58
Prepaid interest, second (9 days)$496.85
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 closing27 yrOf the original 30-year loan at 7.12%
Interest already paid$60,489Through Dec 2026
Assumption only · ends Dec 2053$348,960
Assumption + second · ends Dec 2053, second Jan 2057$759,522
New conventional · ends Jan 2057$787,075