Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,399/mo
Lowest payment- Down payment
- $392,446
- Funds due
- $415,150
- Interest + MI left
- $884,614
- First ends
- Jul 2055
Assumption
Assumption + second
$7,398/mo
+$1,999/mo- Down payment
- $113,446
- Funds due
- $137,460
- Interest + MI left
- $1,325,178
- First ends
- Jul 2055
New loan
New conventional
$7,904/mo
+$2,505/mo- Down payment
- $113,446
- Funds due
- $130,635
- Interest + MI left
- $1,534,090
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $732,554 | $732,554 | $1,011,554 |
| Second mortgage | — | $279,000 | — |
| First P&I | $4,701.07 | $4,701.07 | $7,003.80 |
| Second P&I | — | $1,998.79 | — |
| Mortgage insurance | — | — | $202.31 |
| Taxes, insurance & HOA | $697.67 | $697.67 | $697.67 |
| Total housing payment | $5,398.74 | $7,397.53 | $7,903.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$113,446
Closing costs & prepaids$24,013
Usable credit−$0
Total buyer cash needed$137,460
Earnest money paid−$0
Remaining funds due$137,460
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,662.77
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)$1,038.00
Initial HOA (3 months)$405.00
Prepaid interest, first (1 days)$130.45
Prepaid interest, second (1 days)$59.24
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.500%
Interest already paid$64,011Through Nov 2026
Assumption only · ends Jul 2055$884,614
Assumption + second · ends Jul 2055, second Dec 2056$1,325,178
New conventional · ends Dec 2056$1,534,090