Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,899/mo
Lowest payment- Down payment
- $263,502
- Funds due
- $283,372
- Interest + MI left
- $784,851
- First ends
- Nov 2054
Assumption
Assumption + second
$6,169/mo
+$1,269/mo- Down payment
- $90,502
- Funds due
- $111,660
- Interest + MI left
- $1,068,840
- First ends
- Nov 2054
New loan
New conventional
$6,432/mo
+$1,532/mo- Down payment
- $90,502
- Funds due
- $105,543
- Interest + MI left
- $1,226,142
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $635,498 | $635,498 | $808,498 |
| Second mortgage | — | $173,000 | — |
| First P&I | $4,227.23 | $4,227.23 | $5,597.88 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | — | — | $161.70 |
| Taxes, insurance & HOA | $672.25 | $672.25 | $672.25 |
| Total housing payment | $4,899.48 | $6,168.90 | $6,431.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,502
Closing costs & prepaids$21,158
Usable credit−$0
Total buyer cash needed$111,660
Earnest money paid−$0
Remaining funds due$111,660
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,177.49
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)$791.75
Initial HOA (3 months)$575.01
Prepaid interest, first (1 days)$118.05
Prepaid interest, second (1 days)$37.92
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 yrOf the original 30-year loan at 6.780%
Interest already paid$87,202Through Nov 2026
Assumption only · ends Nov 2054$784,851
Assumption + second · ends Nov 2054, second Dec 2056$1,068,840
New conventional · ends Dec 2056$1,226,142