Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,266/mo
Lowest payment- Down payment
- $410,005
- Funds due
- $427,711
- Interest + MI left
- $430,089
- First ends
- Jun 2054
Assumption
Assumption + second
$5,659/mo
+$2,393/mo- Down payment
- $76,005
- Funds due
- $95,032
- Interest + MI left
- $957,504
- First ends
- Jun 2054
New loan
New conventional
$5,778/mo
+$2,512/mo- Down payment
- $76,005
- Funds due
- $90,485
- Interest + MI left
- $1,035,808
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $348,995 | $348,995 | $682,995 |
| Second mortgage | — | $334,000 | — |
| First P&I | $2,353.73 | $2,353.73 | $4,728.92 |
| Second P&I | — | $2,392.82 | — |
| Mortgage insurance | — | — | $136.60 |
| Taxes, insurance & HOA | $912.17 | $912.17 | $912.17 |
| Total housing payment | $3,265.89 | $5,658.71 | $5,777.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,005
Closing costs & prepaids$19,026
Usable credit−$0
Total buyer cash needed$95,032
Earnest money paid−$0
Remaining funds due$95,032
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,744.97
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)$1,897.50
Initial HOA (3 months)$189.00
Prepaid interest, first (1 days)$65.69
Prepaid interest, second (1 days)$70.92
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 closing27 yr 7 moOf the original 30-year loan at 6.870%
Interest already paid$58,778Through Nov 2026
Assumption only · ends Jun 2054$430,089
Assumption + second · ends Jun 2054, second Dec 2056$957,504
New conventional · ends Dec 2056$1,035,808