Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,919/mo
Lowest payment- Down payment
- $402,727
- Funds due
- $419,896
- Interest + MI left
- $431,973
- First ends
- Jan 2056
Assumption
Assumption + second
$5,247/mo
+$2,328/mo- Down payment
- $77,727
- Funds due
- $96,284
- Interest + MI left
- $945,176
- First ends
- Jan 2056
New loan
New conventional
$5,588/mo
+$2,669/mo- Down payment
- $77,727
- Funds due
- $91,621
- Interest + MI left
- $1,057,461
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,273 | $372,273 | $697,273 |
| Second mortgage | — | $325,000 | — |
| First P&I | $2,297.85 | $2,297.85 | $4,827.78 |
| Second P&I | — | $2,328.34 | — |
| Mortgage insurance | — | — | $139.45 |
| Taxes, insurance & HOA | $621.25 | $621.25 | $621.25 |
| Total housing payment | $2,919.10 | $5,247.44 | $5,588.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,727
Closing costs & prepaids$18,557
Usable credit−$0
Total buyer cash needed$96,284
Earnest money paid−$0
Remaining funds due$96,284
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,861.37
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)$773.50
Initial HOA (3 months)$440.25
Prepaid interest, first (2 days)$126.06
Prepaid interest, second (2 days)$138.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 6.180%
Interest already paid$19,278Through Nov 2026
Assumption only · ends Jan 2056$431,973
Assumption + second · ends Jan 2056, second Dec 2056$945,176
New conventional · ends Dec 2056$1,057,461