Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,004/mo
Lowest payment- Down payment
- $613,830
- Funds due
- $636,126
- Interest + MI left
- $624,988
- First ends
- Jan 2056
Assumption
Assumption + second
$7,579/mo
+$3,575/mo- Down payment
- $114,830
- Funds due
- $139,011
- Interest + MI left
- $1,412,951
- First ends
- Jan 2056
New loan
New conventional
$7,876/mo
+$3,872/mo- Down payment
- $114,830
- Funds due
- $133,197
- Interest + MI left
- $1,506,279
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $531,170 | $531,170 | $1,030,170 |
| Second mortgage | — | $499,000 | — |
| First P&I | $3,312.77 | $3,312.77 | $6,978.73 |
| Second P&I | — | $3,574.90 | — |
| Mortgage insurance | — | — | $206.03 |
| Taxes, insurance & HOA | $691.34 | $691.34 | $691.34 |
| Total housing payment | $4,004.11 | $7,579.01 | $7,876.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$114,830
Closing costs & prepaids$24,181
Usable credit−$0
Total buyer cash needed$139,011
Earnest money paid−$0
Remaining funds due$139,011
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,655.85
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)$1,374.00
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$547.47
Prepaid interest, second (6 days)$635.71
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 closing29 yr 1 moOf the original 30-year loan at 6.27%
Interest already paid$30,710Through Dec 2026
Assumption only · ends Jan 2056$624,988
Assumption + second · ends Jan 2056, second Jan 2057$1,412,951
New conventional · ends Jan 2057$1,506,279