Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,723/mo
Lowest payment- Down payment
- $522,446
- Funds due
- $542,364
- Interest + MI left
- $568,101
- First ends
- Apr 2055
Assumption
Assumption + second
$6,754/mo
+$3,030/mo- Down payment
- $99,446
- Funds due
- $120,704
- Interest + MI left
- $1,236,053
- First ends
- Apr 2055
New loan
New conventional
$7,009/mo
+$3,286/mo- Down payment
- $99,446
- Funds due
- $115,359
- Interest + MI left
- $1,343,002
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $462,554 | $462,554 | $885,554 |
| Second mortgage | — | $423,000 | — |
| First P&I | $3,022.45 | $3,022.45 | $6,131.40 |
| Second P&I | — | $3,030.42 | — |
| Mortgage insurance | — | — | $177.11 |
| Taxes, insurance & HOA | $700.83 | $700.83 | $700.83 |
| Total housing payment | $3,723.28 | $6,753.70 | $7,009.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,446
Closing costs & prepaids$21,257
Usable credit−$0
Total buyer cash needed$120,704
Earnest money paid−$0
Remaining funds due$120,704
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,312.77
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)$1,050.50
Initial HOA (3 months)$402.00
Prepaid interest, first (1 days)$84.27
Prepaid interest, second (1 days)$89.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.650%
Interest already paid$49,168Through Nov 2026
Assumption only · ends Apr 2055$568,101
Assumption + second · ends Apr 2055, second Dec 2056$1,236,053
New conventional · ends Dec 2056$1,343,002