Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,015/mo
Lowest payment- Down payment
- $274,605
- Funds due
- $289,796
- Interest + MI left
- $382,930
- First ends
- Sep 2053
Assumption
Assumption + second
$4,548/mo
+$1,533/mo- Down payment
- $60,605
- Funds due
- $77,137
- Interest + MI left
- $720,854
- First ends
- Sep 2053
New loan
New conventional
$4,678/mo
+$1,663/mo- Down payment
- $60,605
- Funds due
- $72,844
- Interest + MI left
- $825,612
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,395 | $330,395 | $544,395 |
| Second mortgage | — | $214,000 | — |
| First P&I | $2,215.29 | $2,215.29 | $3,769.28 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | — | — | $108.88 |
| Taxes, insurance & HOA | $799.83 | $799.83 | $799.83 |
| Total housing payment | $3,015.13 | $4,548.25 | $4,677.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,605
Closing costs & prepaids$16,532
Usable credit−$0
Total buyer cash needed$77,137
Earnest money paid−$0
Remaining funds due$77,137
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,651.97
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)$1,119.50
Initial HOA (3 months)$780.00
Prepaid interest, first (2 days)$121.48
Prepaid interest, second (2 days)$90.88
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 closing26 yr 10 moOf the original 30-year loan at 6.710%
Interest already paid$71,620Through Nov 2026
Assumption only · ends Sep 2053$382,930
Assumption + second · ends Sep 2053, second Dec 2056$720,854
New conventional · ends Dec 2056$825,612