Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,901/mo
Lowest payment- Down payment
- $232,486
- Funds due
- $251,956
- Interest + MI left
- $753,703
- First ends
- Jul 2053
Assumption
Assumption + second
$5,951/mo
+$1,049/mo- Down payment
- $89,486
- Funds due
- $110,269
- Interest + MI left
- $988,445
- First ends
- Jul 2053
New loan
New conventional
$6,194/mo
+$1,293/mo- Down payment
- $89,486
- Funds due
- $104,064
- Interest + MI left
- $1,214,033
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $657,514 | $657,514 | $800,514 |
| Second mortgage | — | $143,000 | — |
| First P&I | $4,410.05 | $4,410.05 | $5,542.60 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | — | — | $160.10 |
| Taxes, insurance & HOA | $491.25 | $491.25 | $491.25 |
| Total housing payment | $4,901.30 | $5,950.59 | $6,193.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,486
Closing costs & prepaids$20,783
Usable credit−$0
Total buyer cash needed$110,269
Earnest money paid−$0
Remaining funds due$110,269
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,287.57
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)$451.75
Initial HOA (3 months)$372.00
Prepaid interest, first (2 days)$241.03
Prepaid interest, second (2 days)$62.68
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 closing26 yr 8 moOf the original 30-year loan at 6.690%
Interest already paid$149,778Through Nov 2026
Assumption only · ends Jul 2053$753,703
Assumption + second · ends Jul 2053, second Dec 2056$988,445
New conventional · ends Dec 2056$1,214,033