Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,101/mo
Lowest payment- Down payment
- $350,268
- Funds due
- $372,035
- Interest + MI left
- $906,702
- First ends
- Nov 2055
Assumption
Assumption + second
$6,799/mo
+$1,698/mo- Down payment
- $113,268
- Funds due
- $136,385
- Interest + MI left
- $1,280,945
- First ends
- Nov 2055
New loan
New conventional
$7,477/mo
+$2,376/mo- Down payment
- $113,268
- Funds due
- $129,380
- Interest + MI left
- $1,534,360
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $774,732 | $774,732 | $1,011,732 |
| Second mortgage | — | $237,000 | — |
| First P&I | $4,831.71 | $4,831.71 | $7,005.03 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | — | — | $202.35 |
| Taxes, insurance & HOA | $269.67 | $269.67 | $269.67 |
| Total housing payment | $5,101.37 | $6,799.27 | $7,477.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$113,268
Closing costs & prepaids$23,117
Usable credit−$0
Total buyer cash needed$136,385
Earnest money paid−$0
Remaining funds due$136,385
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,873.66
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)$159.00
Prepaid interest, first (2 days)$265.74
Prepaid interest, second (2 days)$100.64
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 6.260%
Interest already paid$48,812Through Nov 2026
Assumption only · ends Nov 2055$906,702
Assumption + second · ends Nov 2055, second Dec 2056$1,280,945
New conventional · ends Dec 2056$1,534,360