Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,952/mo
Lowest payment- Down payment
- $440,088
- Funds due
- $454,186
- Interest + MI left
- $243,384
- First ends
- Jan 2054
Assumption
Assumption + second
$4,660/mo
+$2,708/mo- Down payment
- $62,088
- Funds due
- $77,596
- Interest + MI left
- $840,278
- First ends
- Jan 2054
New loan
New conventional
$4,624/mo
+$2,672/mo- Down payment
- $62,088
- Funds due
- $74,029
- Interest + MI left
- $844,595
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,912 | $178,912 | $556,912 |
| Second mortgage | — | $378,000 | — |
| First P&I | $1,295.39 | $1,295.39 | $3,855.95 |
| Second P&I | — | $2,708.04 | — |
| Mortgage insurance | — | — | $111.38 |
| Taxes, insurance & HOA | $656.92 | $656.92 | $656.92 |
| Total housing payment | $1,952.30 | $4,660.34 | $4,624.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,088
Closing costs & prepaids$15,508
Usable credit−$0
Total buyer cash needed$77,596
Earnest money paid−$0
Remaining funds due$77,596
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$894.56
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)$588.75
Initial HOA (3 months)$882.00
Prepaid interest, first (2 days)$74.21
Prepaid interest, second (2 days)$160.52
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 closing27 yr 2 moOf the original 30-year loan at 7.570%
Interest already paid$38,955Through Nov 2026
Assumption only · ends Jan 2054$243,384
Assumption + second · ends Jan 2054, second Dec 2056$840,278
New conventional · ends Dec 2056$844,595