Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,528/mo
Lowest payment- Down payment
- $313,572
- Funds due
- $336,937
- Interest + MI left
- $895,504
- First ends
- Oct 2055
Assumption
Assumption + second
$7,018/mo
+$1,490/mo- Down payment
- $105,572
- Funds due
- $130,585
- Interest + MI left
- $1,223,954
- First ends
- Oct 2055
New loan
New conventional
$7,398/mo
+$1,870/mo- Down payment
- $105,572
- Funds due
- $123,898
- Interest + MI left
- $1,380,910
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $736,428 | $736,428 | $944,428 |
| Second mortgage | — | $208,000 | — |
| First P&I | $4,716.57 | $4,716.57 | $6,397.88 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | — | — | $188.89 |
| Taxes, insurance & HOA | $811.67 | $811.67 | $811.67 |
| Total housing payment | $5,528.23 | $7,018.37 | $7,398.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,572
Closing costs & prepaids$25,013
Usable credit−$0
Total buyer cash needed$130,585
Earnest money paid−$0
Remaining funds due$130,585
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,682.14
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)$1,260.00
Initial HOA (3 months)$525.00
Prepaid interest, first (9 days)$1,180.30
Prepaid interest, second (9 days)$397.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 6.5%
Interest already paid$56,248Through Dec 2026
Assumption only · ends Oct 2055$895,504
Assumption + second · ends Oct 2055, second Jan 2057$1,223,954
New conventional · ends Jan 2057$1,380,910