Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,471/mo
Lowest payment- Down payment
- $417,152
- Funds due
- $430,028
- Interest + MI left
- $187,171
- First ends
- Jul 2055
Assumption
Assumption + second
$4,050/mo
+$2,579/mo- Down payment
- $57,152
- Funds due
- $71,354
- Interest + MI left
- $755,642
- First ends
- Jul 2055
New loan
New conventional
$4,115/mo
+$2,644/mo- Down payment
- $57,152
- Funds due
- $68,000
- Interest + MI left
- $770,084
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,848 | $147,848 | $507,848 |
| Second mortgage | — | $360,000 | — |
| First P&I | $973.89 | $973.89 | $3,516.24 |
| Second P&I | — | $2,579.08 | — |
| Mortgage insurance | — | — | $101.57 |
| Taxes, insurance & HOA | $497.08 | $497.08 | $497.08 |
| Total housing payment | $1,470.97 | $4,050.06 | $4,114.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,152
Closing costs & prepaids$14,202
Usable credit−$0
Total buyer cash needed$71,354
Earnest money paid−$0
Remaining funds due$71,354
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$739.24
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)$681.25
Initial HOA (3 months)$309.99
Prepaid interest, first (1 days)$27.38
Prepaid interest, second (1 days)$76.44
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 6.760%
Interest already paid$13,431Through Nov 2026
Assumption only · ends Jul 2055$187,171
Assumption + second · ends Jul 2055, second Dec 2056$755,642
New conventional · ends Dec 2056$770,084