Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,840/mo
Lowest payment- Down payment
- $841,946
- Funds due
- $872,965
- Interest + MI left
- $951,421
- First ends
- Aug 2055
Assumption
Assumption + second
$11,740/mo
+$4,900/mo- Down payment
- $157,946
- Funds due
- $190,360
- Interest + MI left
- $2,031,515
- First ends
- Aug 2055
New loan
New conventional
$12,069/mo
+$5,229/mo- Down payment
- $157,946
- Funds due
- $183,057
- Interest + MI left
- $2,155,124
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $737,054 | $737,054 | $1,421,054 |
| Second mortgage | — | $684,000 | — |
| First P&I | $4,894.13 | $4,894.13 | $9,839.09 |
| Second P&I | — | $4,900.26 | — |
| Mortgage insurance | — | — | $284.21 |
| Taxes, insurance & HOA | $1,945.83 | $1,945.83 | $1,945.83 |
| Total housing payment | $6,839.96 | $11,740.22 | $12,069.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$157,946
Closing costs & prepaids$32,414
Usable credit−$0
Total buyer cash needed$190,360
Earnest money paid−$0
Remaining funds due$190,360
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$15,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,685.27
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)$4,674.50
Initial HOA (3 months)$513.00
Prepaid interest, first (1 days)$138.32
Prepaid interest, second (1 days)$145.23
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 9 moOf the original 30-year loan at 6.850%
Interest already paid$63,566Through Nov 2026
Assumption only · ends Aug 2055$951,421
Assumption + second · ends Aug 2055, second Dec 2056$2,031,515
New conventional · ends Dec 2056$2,155,124