Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,798/mo
Lowest payment- Down payment
- $416,693
- Funds due
- $444,107
- Interest + MI left
- $1,149,687
- First ends
- Oct 2055
Assumption
Assumption + second
$8,832/mo
+$2,035/mo- Down payment
- $132,693
- Funds due
- $161,900
- Interest + MI left
- $1,598,147
- First ends
- Oct 2055
New loan
New conventional
$9,165/mo
+$2,368/mo- Down payment
- $132,693
- Funds due
- $154,051
- Interest + MI left
- $1,743,350
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $908,307 | $908,307 | $1,192,307 |
| Second mortgage | — | $284,000 | — |
| First P&I | $5,947.96 | $5,947.96 | $8,077.10 |
| Second P&I | — | $2,034.61 | — |
| Mortgage insurance | — | — | $238.46 |
| Taxes, insurance & HOA | $849.67 | $849.67 | $849.67 |
| Total housing payment | $6,797.63 | $8,832.24 | $9,165.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$132,693
Closing costs & prepaids$29,206
Usable credit−$0
Total buyer cash needed$161,900
Earnest money paid−$0
Remaining funds due$161,900
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,541.53
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)$1,590.00
Initial HOA (3 months)$309.00
Prepaid interest, first (9 days)$1,505.05
Prepaid interest, second (9 days)$542.71
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 10 moOf the original 30-year loan at 6.72%
Interest already paid$71,703Through Dec 2026
Assumption only · ends Oct 2055$1,149,687
Assumption + second · ends Oct 2055, second Jan 2057$1,598,147
New conventional · ends Jan 2057$1,743,350