Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,246/mo
Lowest payment- Down payment
- $508,411
- Funds due
- $534,280
- Interest + MI left
- $1,064,208
- First ends
- Apr 2055
Assumption
Assumption + second
$8,883/mo
+$2,636/mo- Down payment
- $140,411
- Funds due
- $167,687
- Interest + MI left
- $1,645,311
- First ends
- Apr 2055
New loan
New conventional
$9,480/mo
+$3,233/mo- Down payment
- $140,411
- Funds due
- $159,823
- Interest + MI left
- $1,908,735
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $890,589 | $890,589 | $1,258,589 |
| Second mortgage | — | $368,000 | — |
| First P&I | $5,732.54 | $5,732.54 | $8,714.22 |
| Second P&I | — | $2,636.40 | — |
| Mortgage insurance | — | — | $251.72 |
| Taxes, insurance & HOA | $513.67 | $513.67 | $513.67 |
| Total housing payment | $6,246.21 | $8,882.60 | $9,479.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,411
Closing costs & prepaids$27,275
Usable credit−$0
Total buyer cash needed$167,687
Earnest money paid−$0
Remaining funds due$167,687
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,452.94
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)$891.00
Prepaid interest, first (2 days)$317.20
Prepaid interest, second (2 days)$156.27
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 5 moOf the original 30-year loan at 6.500%
Interest already paid$92,557Through Nov 2026
Assumption only · ends Apr 2055$1,064,208
Assumption + second · ends Apr 2055, second Dec 2056$1,645,311
New conventional · ends Dec 2056$1,908,735