Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,823/mo
Lowest payment- Down payment
- $368,519
- Funds due
- $392,389
- Interest + MI left
- $939,770
- First ends
- Aug 2054
Assumption
Assumption + second
$7,671/mo
+$1,848/mo- Down payment
- $110,519
- Funds due
- $136,132
- Interest + MI left
- $1,347,173
- First ends
- Aug 2054
New loan
New conventional
$7,690/mo
+$1,867/mo- Down payment
- $110,519
- Funds due
- $129,307
- Interest + MI left
- $1,446,785
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $731,481 | $731,481 | $989,481 |
| Second mortgage | — | $258,000 | — |
| First P&I | $5,033.89 | $5,033.89 | $6,703.09 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | — | — | $197.90 |
| Taxes, insurance & HOA | $788.67 | $788.67 | $788.67 |
| Total housing payment | $5,822.55 | $7,670.90 | $7,689.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,519
Closing costs & prepaids$25,613
Usable credit−$0
Total buyer cash needed$136,132
Earnest money paid−$0
Remaining funds due$136,132
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,657.41
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)$1,320.00
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$1,278.79
Prepaid interest, second (9 days)$493.03
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 yr 8 moOf the original 30-year loan at 7.09%
Interest already paid$122,623Through Dec 2026
Assumption only · ends Aug 2054$939,770
Assumption + second · ends Aug 2054, second Jan 2057$1,347,173
New conventional · ends Jan 2057$1,446,785