Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,509/mo
Lowest payment- Down payment
- $509,320
- Funds due
- $537,081
- Interest + MI left
- $1,059,384
- First ends
- Apr 2055
Assumption
Assumption + second
$9,152/mo
+$2,644/mo- Down payment
- $140,320
- Funds due
- $170,036
- Interest + MI left
- $1,642,066
- First ends
- Apr 2055
New loan
New conventional
$9,555/mo
+$3,046/mo- Down payment
- $140,320
- Funds due
- $162,239
- Interest + MI left
- $1,840,398
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $889,680 | $889,680 | $1,258,680 |
| Second mortgage | — | $369,000 | — |
| First P&I | $5,732.54 | $5,732.54 | $8,526.74 |
| Second P&I | — | $2,643.56 | — |
| Mortgage insurance | — | — | $251.74 |
| Taxes, insurance & HOA | $776.25 | $776.25 | $776.25 |
| Total housing payment | $6,508.79 | $9,152.35 | $9,554.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,320
Closing costs & prepaids$29,716
Usable credit−$0
Total buyer cash needed$170,036
Earnest money paid−$0
Remaining funds due$170,036
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,448.40
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)$1,678.75
Prepaid interest, first (9 days)$1,425.93
Prepaid interest, second (9 days)$705.14
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 6.5%
Interest already paid$97,381Through Dec 2026
Assumption only · ends Apr 2055$1,059,384
Assumption + second · ends Apr 2055, second Jan 2057$1,642,066
New conventional · ends Jan 2057$1,840,398