Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,882/mo
Lowest payment- Down payment
- $275,137
- Funds due
- $295,944
- Interest + MI left
- $817,130
- First ends
- Nov 2055
Assumption
Assumption + second
$6,210/mo
+$1,328/mo- Down payment
- $94,137
- Funds due
- $116,432
- Interest + MI left
- $1,114,251
- First ends
- Nov 2055
New loan
New conventional
$6,490/mo
+$1,608/mo- Down payment
- $94,137
- Funds due
- $110,189
- Interest + MI left
- $1,229,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $659,863 | $659,863 | $840,863 |
| Second mortgage | — | $181,000 | — |
| First P&I | $4,256.46 | $4,256.46 | $5,696.30 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | — | — | $168.17 |
| Taxes, insurance & HOA | $625.34 | $625.34 | $625.34 |
| Total housing payment | $4,881.80 | $6,209.91 | $6,489.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$94,137
Closing costs & prepaids$22,295
Usable credit−$0
Total buyer cash needed$116,432
Earnest money paid−$0
Remaining funds due$116,432
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%)$3,299.32
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)$713.74
Prepaid interest, second (6 days)$238.03
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 6.58%
Interest already paid$47,347Through Dec 2026
Assumption only · ends Nov 2055$817,130
Assumption + second · ends Nov 2055, second Jan 2057$1,114,251
New conventional · ends Jan 2057$1,229,481