Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,978/mo
Lowest payment- Down payment
- $382,560
- Funds due
- $402,018
- Interest + MI left
- $652,728
- First ends
- Aug 2055
Assumption
Assumption + second
$6,070/mo
+$2,092/mo- Down payment
- $90,560
- Funds due
- $111,640
- Interest + MI left
- $1,113,820
- First ends
- Aug 2055
New loan
New conventional
$6,222/mo
+$2,244/mo- Down payment
- $90,560
- Funds due
- $106,115
- Interest + MI left
- $1,183,535
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $517,440 | $517,440 | $809,440 |
| Second mortgage | — | $292,000 | — |
| First P&I | $3,401.65 | $3,401.65 | $5,483.43 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | — | — | $161.89 |
| Taxes, insurance & HOA | $576.67 | $576.67 | $576.67 |
| Total housing payment | $3,978.32 | $6,070.24 | $6,221.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,560
Closing costs & prepaids$21,080
Usable credit−$0
Total buyer cash needed$111,640
Earnest money paid−$0
Remaining funds due$111,640
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,587.20
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)$1,080.00
Prepaid interest, first (6 days)$573.30
Prepaid interest, second (6 days)$372.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.74%
Interest already paid$46,867Through Dec 2026
Assumption only · ends Aug 2055$652,728
Assumption + second · ends Aug 2055, second Jan 2057$1,113,820
New conventional · ends Jan 2057$1,183,535