Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,498/mo
Lowest payment- Down payment
- $351,059
- Funds due
- $374,941
- Interest + MI left
- $902,661
- First ends
- Nov 2055
Assumption
Assumption + second
$7,203/mo
+$1,705/mo- Down payment
- $113,059
- Funds due
- $138,646
- Interest + MI left
- $1,278,483
- First ends
- Nov 2055
New loan
New conventional
$7,724/mo
+$2,226/mo- Down payment
- $113,059
- Funds due
- $131,745
- Interest + MI left
- $1,479,625
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $773,941 | $773,941 | $1,011,941 |
| Second mortgage | — | $238,000 | — |
| First P&I | $4,831.71 | $4,831.71 | $6,855.24 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | — | — | $202.39 |
| Taxes, insurance & HOA | $666.67 | $666.67 | $666.67 |
| Total housing payment | $5,498.37 | $7,203.43 | $7,724.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$113,059
Closing costs & prepaids$25,587
Usable credit−$0
Total buyer cash needed$138,646
Earnest money paid−$0
Remaining funds due$138,646
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,869.71
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)$1,350.00
Prepaid interest, first (9 days)$1,194.63
Prepaid interest, second (9 days)$454.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.26%
Interest already paid$52,854Through Dec 2026
Assumption only · ends Nov 2055$902,661
Assumption + second · ends Nov 2055, second Jan 2057$1,278,483
New conventional · ends Jan 2057$1,479,625