Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,074/mo
Lowest payment- Down payment
- $469,630
- Funds due
- $494,964
- Interest + MI left
- $1,010,633
- First ends
- Nov 2055
Assumption
Assumption + second
$8,510/mo
+$2,436/mo- Down payment
- $129,630
- Funds due
- $156,358
- Interest + MI left
- $1,547,522
- First ends
- Nov 2055
New loan
New conventional
$9,100/mo
+$3,026/mo- Down payment
- $129,630
- Funds due
- $148,926
- Interest + MI left
- $1,767,362
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $825,370 | $825,370 | $1,165,370 |
| Second mortgage | — | $340,000 | — |
| First P&I | $5,275.87 | $5,275.87 | $8,068.79 |
| Second P&I | — | $2,435.80 | — |
| Mortgage insurance | — | — | $233.07 |
| Taxes, insurance & HOA | $798.42 | $798.42 | $798.42 |
| Total housing payment | $6,074.29 | $8,510.09 | $9,100.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$129,630
Closing costs & prepaids$26,728
Usable credit−$0
Total buyer cash needed$156,358
Earnest money paid−$0
Remaining funds due$156,358
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,126.85
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)$1,307.25
Initial HOA (3 months)$438.00
Prepaid interest, first (2 days)$293.97
Prepaid interest, second (2 days)$144.38
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 yrOf the original 30-year loan at 6.500%
Interest already paid$53,981Through Nov 2026
Assumption only · ends Nov 2055$1,010,633
Assumption + second · ends Nov 2055, second Dec 2056$1,547,522
New conventional · ends Dec 2056$1,767,362