Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,835/mo
Lowest payment- Down payment
- $241,469
- Funds due
- $260,914
- Interest + MI left
- $779,935
- First ends
- Feb 2055
Assumption
Assumption + second
$5,980/mo
+$1,145/mo- Down payment
- $85,469
- Funds due
- $106,198
- Interest + MI left
- $1,036,017
- First ends
- Feb 2055
New loan
New conventional
$6,186/mo
+$1,351/mo- Down payment
- $85,469
- Funds due
- $100,263
- Interest + MI left
- $1,159,463
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $608,531 | $608,531 | $764,531 |
| Second mortgage | — | $156,000 | — |
| First P&I | $4,095.77 | $4,095.77 | $5,293.46 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | — | — | $152.91 |
| Taxes, insurance & HOA | $739.58 | $739.58 | $739.58 |
| Total housing payment | $4,835.35 | $5,980.03 | $6,185.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,469
Closing costs & prepaids$20,729
Usable credit−$0
Total buyer cash needed$106,198
Earnest money paid−$0
Remaining funds due$106,198
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,042.65
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)$1,025.75
Initial HOA (3 months)$543.00
Prepaid interest, first (1 days)$115.54
Prepaid interest, second (1 days)$34.19
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 3 moOf the original 30-year loan at 6.930%
Interest already paid$74,542Through Nov 2026
Assumption only · ends Feb 2055$779,935
Assumption + second · ends Feb 2055, second Dec 2056$1,036,017
New conventional · ends Dec 2056$1,159,463