Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,748/mo
Lowest payment- Down payment
- $558,559
- Funds due
- $571,092
- Interest + MI left
- $7,914
- First ends
- Jul 2030
Assumption
Assumption + second
$5,309/mo
+$3,561/mo- Down payment
- $61,559
- Funds due
- $75,448
- Interest + MI left
- $792,719
- First ends
- Jul 2030
New loan
New conventional
$4,306/mo
+$2,558/mo- Down payment
- $61,559
- Funds due
- $72,527
- Interest + MI left
- $831,748
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $51,441 | $51,441 | $548,441 |
| Second mortgage | — | $497,000 | — |
| First P&I | $1,348.99 | $1,348.99 | $3,797.29 |
| Second P&I | — | $3,560.57 | — |
| Mortgage insurance | — | — | $109.69 |
| Taxes, insurance & HOA | $399.17 | $399.17 | $399.17 |
| Total housing payment | $1,748.16 | $5,308.73 | $4,306.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,559
Closing costs & prepaids$13,889
Usable credit−$0
Total buyer cash needed$75,448
Earnest money paid−$0
Remaining funds due$75,448
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$257.21
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$551.50
Initial HOA (3 months)$146.01
Prepaid interest, first (1 days)$11.05
Prepaid interest, second (1 days)$105.53
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 closing3 yr 8 moOf the original 30-year loan at 7.840%
Interest already paid$291,047Through Nov 2026
Assumption only · ends Jul 2030$7,914
Assumption + second · ends Jul 2030, second Dec 2056$792,719
New conventional · ends Dec 2056$831,748