Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,471/mo
Lowest payment- Down payment
- $356,435
- Funds due
- $379,190
- Interest + MI left
- $851,856
- First ends
- Dec 2054
Assumption
Assumption + second
$7,233/mo
+$1,762/mo- Down payment
- $110,435
- Funds due
- $134,545
- Interest + MI left
- $1,240,311
- First ends
- Dec 2054
New loan
New conventional
$7,786/mo
+$2,315/mo- Down payment
- $110,435
- Funds due
- $127,717
- Interest + MI left
- $1,500,742
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $743,565 | $743,565 | $989,565 |
| Second mortgage | — | $246,000 | — |
| First P&I | $4,734.19 | $4,734.19 | $6,851.55 |
| Second P&I | — | $1,762.37 | — |
| Mortgage insurance | — | — | $197.91 |
| Taxes, insurance & HOA | $736.83 | $736.83 | $736.83 |
| Total housing payment | $5,471.02 | $7,233.39 | $7,786.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,435
Closing costs & prepaids$24,109
Usable credit−$0
Total buyer cash needed$134,545
Earnest money paid−$0
Remaining funds due$134,545
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,717.82
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)$1,505.50
Initial HOA (3 months)$54.99
Prepaid interest, first (2 days)$258.72
Prepaid interest, second (2 days)$104.47
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 1 moOf the original 30-year loan at 6.350%
Interest already paid$91,616Through Nov 2026
Assumption only · ends Dec 2054$851,856
Assumption + second · ends Dec 2054, second Dec 2056$1,240,311
New conventional · ends Dec 2056$1,500,742