Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,223/mo
Lowest payment- Down payment
- $200,948
- Funds due
- $215,967
- Interest + MI left
- $542,844
- First ends
- Aug 2055
Assumption
Assumption + second
$4,236/mo
+$1,013/mo- Down payment
- $62,948
- Funds due
- $79,399
- Interest + MI left
- $769,378
- First ends
- Aug 2055
New loan
New conventional
$4,312/mo
+$1,089/mo- Down payment
- $62,948
- Funds due
- $74,632
- Interest + MI left
- $814,391
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,052 | $419,052 | $557,052 |
| Second mortgage | — | $138,000 | — |
| First P&I | $2,796.21 | $2,796.21 | $3,773.66 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | — | — | $111.41 |
| Taxes, insurance & HOA | $427.17 | $427.17 | $427.17 |
| Total housing payment | $3,223.38 | $4,235.97 | $4,312.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,948
Closing costs & prepaids$16,451
Usable credit−$0
Total buyer cash needed$79,399
Earnest money paid−$0
Remaining funds due$79,399
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,095.26
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)$744.00
Initial HOA (3 months)$37.50
Prepaid interest, first (6 days)$474.62
Prepaid interest, second (6 days)$181.48
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 8 moOf the original 30-year loan at 6.89%
Interest already paid$38,791Through Dec 2026
Assumption only · ends Aug 2055$542,844
Assumption + second · ends Aug 2055, second Jan 2057$769,378
New conventional · ends Jan 2057$814,391