Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,439/mo
Lowest payment- Down payment
- $320,423
- Funds due
- $334,390
- Interest + MI left
- $350,613
- First ends
- Dec 2053
Assumption
Assumption + second
$4,301/mo
+$1,863/mo- Down payment
- $60,423
- Funds due
- $75,751
- Interest + MI left
- $761,175
- First ends
- Dec 2053
New loan
New conventional
$4,339/mo
+$1,901/mo- Down payment
- $60,423
- Funds due
- $71,710
- Interest + MI left
- $816,788
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,577 | $278,577 | $538,577 |
| Second mortgage | — | $260,000 | — |
| First P&I | $1,935.97 | $1,935.97 | $3,729.00 |
| Second P&I | — | $1,862.67 | — |
| Mortgage insurance | — | — | $107.72 |
| Taxes, insurance & HOA | $502.59 | $502.59 | $502.59 |
| Total housing payment | $2,438.56 | $4,301.23 | $4,339.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,423
Closing costs & prepaids$15,328
Usable credit−$0
Total buyer cash needed$75,751
Earnest money paid−$0
Remaining funds due$75,751
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,392.89
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$513.75
Initial HOA (3 months)$494.01
Prepaid interest, first (2 days)$108.68
Prepaid interest, second (2 days)$110.41
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 closing27 yr 1 moOf the original 30-year loan at 7.120%
Interest already paid$58,836Through Nov 2026
Assumption only · ends Dec 2053$350,613
Assumption + second · ends Dec 2053, second Dec 2056$761,175
New conventional · ends Dec 2056$816,788