Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,803/mo
Lowest payment- Down payment
- $300,294
- Funds due
- $320,169
- Interest + MI left
- $788,832
- First ends
- Apr 2055
Assumption
Assumption + second
$6,308/mo
+$1,504/mo- Down payment
- $90,294
- Funds due
- $111,464
- Interest + MI left
- $1,120,439
- First ends
- Apr 2055
New loan
New conventional
$6,499/mo
+$1,696/mo- Down payment
- $90,294
- Funds due
- $105,524
- Interest + MI left
- $1,227,822
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $599,606 | $599,606 | $809,606 |
| Second mortgage | — | $210,000 | — |
| First P&I | $4,071.67 | $4,071.67 | $5,605.55 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | — | — | $161.92 |
| Taxes, insurance & HOA | $731.67 | $731.67 | $731.67 |
| Total housing payment | $4,803.33 | $6,307.80 | $6,499.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,294
Closing costs & prepaids$21,170
Usable credit−$0
Total buyer cash needed$111,464
Earnest money paid−$0
Remaining funds due$111,464
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,998.03
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)$855.00
Initial HOA (3 months)$690.00
Prepaid interest, first (1 days)$115.65
Prepaid interest, second (1 days)$44.59
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 7.040%
Interest already paid$67,429Through Nov 2026
Assumption only · ends Apr 2055$788,832
Assumption + second · ends Apr 2055, second Dec 2056$1,120,439
New conventional · ends Dec 2056$1,227,822