Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,477/mo
Lowest payment- Down payment
- $748,285
- Funds due
- $775,551
- Interest + MI left
- $832,384
- First ends
- Jul 2055
Assumption
Assumption + second
$9,804/mo
+$4,327/mo- Down payment
- $144,285
- Funds due
- $173,570
- Interest + MI left
- $1,786,151
- First ends
- Jul 2055
New loan
New conventional
$10,070/mo
+$4,593/mo- Down payment
- $144,285
- Funds due
- $166,646
- Interest + MI left
- $1,894,550
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $691,715 | $691,715 | $1,295,715 |
| Second mortgage | — | $604,000 | — |
| First P&I | $4,443.44 | $4,443.44 | $8,777.62 |
| Second P&I | — | $4,327.13 | — |
| Mortgage insurance | — | — | $259.14 |
| Taxes, insurance & HOA | $1,033.34 | $1,033.34 | $1,033.34 |
| Total housing payment | $5,476.77 | $9,803.90 | $10,070.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$144,285
Closing costs & prepaids$29,285
Usable credit−$0
Total buyer cash needed$173,570
Earnest money paid−$0
Remaining funds due$173,570
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,458.58
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)$1,728.00
Initial HOA (3 months)$722.01
Prepaid interest, first (6 days)$739.09
Prepaid interest, second (6 days)$769.48
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 7 moOf the original 30-year loan at 6.5%
Interest already paid$64,253Through Dec 2026
Assumption only · ends Jul 2055$832,384
Assumption + second · ends Jul 2055, second Jan 2057$1,786,151
New conventional · ends Jan 2057$1,894,550