Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,542/mo
Lowest payment- Down payment
- $440,837
- Funds due
- $466,401
- Interest + MI left
- $1,154,779
- First ends
- Oct 2055
Assumption
Assumption + second
$8,727/mo
+$2,185/mo- Down payment
- $135,837
- Funds due
- $162,716
- Interest + MI left
- $1,636,399
- First ends
- Oct 2055
New loan
New conventional
$9,244/mo
+$2,701/mo- Down payment
- $135,837
- Funds due
- $154,783
- Interest + MI left
- $1,841,360
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $909,163 | $909,163 | $1,214,163 |
| Second mortgage | — | $305,000 | — |
| First P&I | $5,947.96 | $5,947.96 | $8,406.62 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | — | — | $242.83 |
| Taxes, insurance & HOA | $594.33 | $594.33 | $594.33 |
| Total housing payment | $6,542.29 | $8,727.35 | $9,243.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$135,837
Closing costs & prepaids$26,879
Usable credit−$0
Total buyer cash needed$162,716
Earnest money paid−$0
Remaining funds due$162,716
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,545.82
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)$1,076.75
Initial HOA (3 months)$56.25
Prepaid interest, first (1 days)$167.39
Prepaid interest, second (1 days)$64.76
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 11 moOf the original 30-year loan at 6.720%
Interest already paid$66,612Through Nov 2026
Assumption only · ends Oct 2055$1,154,779
Assumption + second · ends Oct 2055, second Dec 2056$1,636,399
New conventional · ends Dec 2056$1,841,360