Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,139/mo
Lowest payment- Down payment
- $323,580
- Funds due
- $343,004
- Interest + MI left
- $661,687
- First ends
- Mar 2055
Assumption
Assumption + second
$5,852/mo
+$1,712/mo- Down payment
- $84,580
- Funds due
- $105,711
- Interest + MI left
- $1,039,088
- First ends
- Mar 2055
New loan
New conventional
$5,932/mo
+$1,793/mo- Down payment
- $84,580
- Funds due
- $100,239
- Interest + MI left
- $1,104,330
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $516,270 | $516,270 | $755,270 |
| Second mortgage | — | $239,000 | — |
| First P&I | $3,474.80 | $3,474.80 | $5,116.46 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | — | — | $151.05 |
| Taxes, insurance & HOA | $664.58 | $664.58 | $664.58 |
| Total housing payment | $4,139.38 | $5,851.61 | $5,932.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,580
Closing costs & prepaids$21,131
Usable credit−$0
Total buyer cash needed$105,711
Earnest money paid−$0
Remaining funds due$105,711
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,398.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,581.35
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)$1,007.75
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$882.18
Prepaid interest, second (9 days)$456.72
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 3 moOf the original 30-year loan at 6.93%
Interest already paid$63,241Through Dec 2026
Assumption only · ends Mar 2055$661,687
Assumption + second · ends Mar 2055, second Jan 2057$1,039,088
New conventional · ends Jan 2057$1,104,330