Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,003/mo
Lowest payment- Down payment
- $296,982
- Funds due
- $315,220
- Interest + MI left
- $670,669
- First ends
- Aug 2055
Assumption
Assumption + second
$5,536/mo
+$1,533/mo- Down payment
- $82,982
- Funds due
- $102,561
- Interest + MI left
- $1,008,593
- First ends
- Aug 2055
New loan
New conventional
$5,814/mo
+$1,811/mo- Down payment
- $82,982
- Funds due
- $97,063
- Interest + MI left
- $1,125,169
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $527,918 | $527,918 | $741,918 |
| Second mortgage | — | $214,000 | — |
| First P&I | $3,474.17 | $3,474.17 | $5,136.89 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | — | — | $148.38 |
| Taxes, insurance & HOA | $528.58 | $528.58 | $528.58 |
| Total housing payment | $4,002.75 | $5,535.87 | $5,813.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,982
Closing costs & prepaids$19,579
Usable credit−$0
Total buyer cash needed$102,561
Earnest money paid−$0
Remaining funds due$102,561
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,639.59
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)$859.25
Initial HOA (3 months)$76.50
Prepaid interest, first (2 days)$195.55
Prepaid interest, second (2 days)$90.88
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 closing28 yr 9 moOf the original 30-year loan at 6.760%
Interest already paid$44,937Through Nov 2026
Assumption only · ends Aug 2055$670,669
Assumption + second · ends Aug 2055, second Dec 2056$1,008,593
New conventional · ends Dec 2056$1,125,169