Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,046/mo
Lowest payment- Down payment
- $297,482
- Funds due
- $316,532
- Interest + MI left
- $667,696
- First ends
- Aug 2055
Assumption
Assumption + second
$5,579/mo
+$1,533/mo- Down payment
- $83,482
- Funds due
- $104,191
- Interest + MI left
- $1,005,620
- First ends
- Aug 2055
New loan
New conventional
$5,743/mo
+$1,697/mo- Down payment
- $83,482
- Funds due
- $98,700
- Interest + MI left
- $1,084,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $527,418 | $527,418 | $741,418 |
| Second mortgage | — | $214,000 | — |
| First P&I | $3,474.17 | $3,474.17 | $5,022.62 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | — | — | $148.28 |
| Taxes, insurance & HOA | $572.17 | $572.17 | $572.17 |
| Total housing payment | $4,046.33 | $5,579.46 | $5,743.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,482
Closing costs & prepaids$20,709
Usable credit−$0
Total buyer cash needed$104,191
Earnest money paid−$0
Remaining funds due$104,191
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,637.09
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)$990.00
Initial HOA (3 months)$76.50
Prepaid interest, first (9 days)$879.13
Prepaid interest, second (9 days)$408.95
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 8 moOf the original 30-year loan at 6.76%
Interest already paid$47,911Through Dec 2026
Assumption only · ends Aug 2055$667,696
Assumption + second · ends Aug 2055, second Jan 2057$1,005,620
New conventional · ends Jan 2057$1,084,076