Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,314/mo
+$1,645/mo- Down payment
- $330,615
- Funds due
- $347,801
- Interest + MI left
- $118,129
- First ends
- Nov 2032
Assumption
Assumption + second
$8,248/mo
+$3,579/mo- Down payment
- $60,615
- Funds due
- $80,427
- Interest + MI left
- $544,482
- First ends
- Nov 2032
New loan
New conventional
$4,669/mo
Lowest payment- Down payment
- $60,615
- Funds due
- $75,349
- Interest + MI left
- $807,179
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,360 | $269,360 | $539,360 |
| Second mortgage | — | $270,000 | — |
| First P&I | $5,457.59 | $5,457.59 | $3,705.03 |
| Second P&I | — | $1,934.31 | — |
| Mortgage insurance | — | — | $107.87 |
| Taxes, insurance & HOA | $856.42 | $856.42 | $856.42 |
| Total housing payment | $6,314.01 | $8,248.32 | $4,669.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,615
Closing costs & prepaids$19,812
Usable credit−$0
Total buyer cash needed$80,427
Earnest money paid−$0
Remaining funds due$80,427
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.75
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,346.80
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$2,069.25
Prepaid interest, first (24 days)$2,302.47
Prepaid interest, second (24 days)$1,375.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 24 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 closing5 yr 11 moOf the original 7-year loan at 13.000%
Interest already paid$40,308Through Dec 2026
Assumption only · ends Nov 2032$118,129
Assumption + second · ends Nov 2032, second Jan 2057$544,482
New conventional · ends Jan 2057$807,179