Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,151/mo
Lowest payment- Down payment
- $323,090
- Funds due
- $341,865
- Interest + MI left
- $664,671
- First ends
- Mar 2055
Assumption
Assumption + second
$5,863/mo
+$1,712/mo- Down payment
- $84,090
- Funds due
- $104,216
- Interest + MI left
- $1,042,072
- First ends
- Mar 2055
New loan
New conventional
$6,060/mo
+$1,909/mo- Down payment
- $84,090
- Funds due
- $98,758
- Interest + MI left
- $1,146,161
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $516,760 | $516,760 | $755,760 |
| Second mortgage | — | $239,000 | — |
| First P&I | $3,474.80 | $3,474.80 | $5,232.73 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | — | — | $151.15 |
| Taxes, insurance & HOA | $676.25 | $676.25 | $676.25 |
| Total housing payment | $4,151.05 | $5,863.27 | $6,060.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,090
Closing costs & prepaids$20,127
Usable credit−$0
Total buyer cash needed$104,216
Earnest money paid−$0
Remaining funds due$104,216
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,398.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,583.80
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)$1,042.75
Initial HOA (3 months)$336.00
Prepaid interest, first (2 days)$196.23
Prepaid interest, second (2 days)$101.49
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 4 moOf the original 30-year loan at 6.930%
Interest already paid$60,256Through Nov 2026
Assumption only · ends Mar 2055$664,671
Assumption + second · ends Mar 2055, second Dec 2056$1,042,072
New conventional · ends Dec 2056$1,146,161