Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,759/mo
Lowest payment- Down payment
- $275,571
- Funds due
- $296,345
- Interest + MI left
- $775,003
- First ends
- Nov 2055
Assumption
Assumption + second
$6,095/mo
+$1,335/mo- Down payment
- $93,571
- Funds due
- $115,834
- Interest + MI left
- $1,073,765
- First ends
- Nov 2055
New loan
New conventional
$6,494/mo
+$1,735/mo- Down payment
- $93,571
- Funds due
- $109,629
- Interest + MI left
- $1,230,308
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $659,429 | $659,429 | $841,429 |
| Second mortgage | — | $182,000 | — |
| First P&I | $4,133.81 | $4,133.81 | $5,700.13 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | — | — | $168.29 |
| Taxes, insurance & HOA | $625.34 | $625.34 | $625.34 |
| Total housing payment | $4,759.15 | $6,094.60 | $6,493.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$93,571
Closing costs & prepaids$22,263
Usable credit−$0
Total buyer cash needed$115,834
Earnest money paid−$0
Remaining funds due$115,834
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,297.15
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)$1,122.00
Initial HOA (3 months)$104.01
Prepaid interest, first (6 days)$682.92
Prepaid interest, second (6 days)$239.34
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 11 moOf the original 30-year loan at 6.3%
Interest already paid$45,319Through Dec 2026
Assumption only · ends Nov 2055$775,003
Assumption + second · ends Nov 2055, second Jan 2057$1,073,765
New conventional · ends Jan 2057$1,230,308