Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,562/mo
Lowest payment- Down payment
- $307,192
- Funds due
- $324,147
- Interest + MI left
- $532,399
- First ends
- Nov 2053
Assumption
Assumption + second
$5,239/mo
+$1,676/mo- Down payment
- $73,192
- Funds due
- $91,496
- Interest + MI left
- $901,905
- First ends
- Nov 2053
New loan
New conventional
$5,269/mo
+$1,707/mo- Down payment
- $73,192
- Funds due
- $86,637
- Interest + MI left
- $986,864
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $416,808 | $416,808 | $650,808 |
| Second mortgage | — | $234,000 | — |
| First P&I | $2,929.65 | $2,929.65 | $4,506.06 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | — | — | $130.16 |
| Taxes, insurance & HOA | $632.58 | $632.58 | $632.58 |
| Total housing payment | $3,562.23 | $5,238.64 | $5,268.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,192
Closing costs & prepaids$18,304
Usable credit−$0
Total buyer cash needed$91,496
Earnest money paid−$0
Remaining funds due$91,496
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,084.04
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)$1,247.75
Prepaid interest, first (2 days)$165.12
Prepaid interest, second (2 days)$99.37
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 yrOf the original 30-year loan at 7.230%
Interest already paid$91,964Through Nov 2026
Assumption only · ends Nov 2053$532,399
Assumption + second · ends Nov 2053, second Dec 2056$901,905
New conventional · ends Dec 2056$986,864