Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,392/mo
Lowest payment- Down payment
- $312,848
- Funds due
- $334,890
- Interest + MI left
- $899,497
- First ends
- Oct 2055
Assumption
Assumption + second
$6,875/mo
+$1,483/mo- Down payment
- $105,848
- Funds due
- $129,228
- Interest + MI left
- $1,226,368
- First ends
- Oct 2055
New loan
New conventional
$7,401/mo
+$2,009/mo- Down payment
- $105,848
- Funds due
- $122,472
- Interest + MI left
- $1,431,870
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $737,152 | $737,152 | $944,152 |
| Second mortgage | — | $207,000 | — |
| First P&I | $4,716.57 | $4,716.57 | $6,537.12 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | — | — | $188.83 |
| Taxes, insurance & HOA | $675.00 | $675.00 | $675.00 |
| Total housing payment | $5,391.57 | $6,874.54 | $7,400.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,848
Closing costs & prepaids$23,379
Usable credit−$0
Total buyer cash needed$129,228
Earnest money paid−$0
Remaining funds due$129,228
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,685.76
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)$850.00
Initial HOA (3 months)$525.00
Prepaid interest, first (2 days)$262.55
Prepaid interest, second (2 days)$87.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 6.500%
Interest already paid$52,255Through Nov 2026
Assumption only · ends Oct 2055$899,497
Assumption + second · ends Oct 2055, second Dec 2056$1,226,368
New conventional · ends Dec 2056$1,431,870