Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,889/mo
Lowest payment- Down payment
- $265,749
- Funds due
- $283,598
- Interest + MI left
- $596,723
- First ends
- May 2055
Assumption
Assumption + second
$5,283/mo
+$1,394/mo- Down payment
- $75,749
- Funds due
- $94,931
- Interest + MI left
- $908,618
- First ends
- May 2055
New loan
New conventional
$5,531/mo
+$1,642/mo- Down payment
- $75,749
- Funds due
- $89,724
- Interest + MI left
- $1,022,261
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $484,151 | $484,151 | $674,151 |
| Second mortgage | — | $190,000 | — |
| First P&I | $3,160.45 | $3,160.45 | $4,667.69 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | — | — | $134.83 |
| Taxes, insurance & HOA | $728.34 | $728.34 | $728.34 |
| Total housing payment | $3,888.79 | $5,282.94 | $5,530.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,749
Closing costs & prepaids$19,182
Usable credit−$0
Total buyer cash needed$94,931
Earnest money paid−$0
Remaining funds due$94,931
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,420.76
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)$1,455.00
Initial HOA (3 months)$80.01
Prepaid interest, first (2 days)$176.42
Prepaid interest, second (2 days)$83.29
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 6 moOf the original 30-year loan at 6.650%
Interest already paid$48,730Through Nov 2026
Assumption only · ends May 2055$596,723
Assumption + second · ends May 2055, second Dec 2056$908,618
New conventional · ends Dec 2056$1,022,261