Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,090/mo
Lowest payment- Down payment
- $370,937
- Funds due
- $390,130
- Interest + MI left
- $581,549
- First ends
- May 2053
Assumption
Assumption + second
$6,096/mo
+$2,006/mo- Down payment
- $90,937
- Funds due
- $111,499
- Interest + MI left
- $1,023,693
- First ends
- May 2053
New loan
New conventional
$6,361/mo
+$2,271/mo- Down payment
- $90,937
- Funds due
- $105,922
- Interest + MI left
- $1,226,837
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $529,063 | $529,063 | $809,063 |
| Second mortgage | — | $280,000 | — |
| First P&I | $3,492.49 | $3,492.49 | $5,601.79 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | — | — | $161.81 |
| Taxes, insurance & HOA | $597.25 | $597.25 | $597.25 |
| Total housing payment | $4,089.74 | $6,095.70 | $6,360.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,937
Closing costs & prepaids$20,562
Usable credit−$0
Total buyer cash needed$111,499
Earnest money paid−$0
Remaining funds due$111,499
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,645.32
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)$811.75
Initial HOA (3 months)$330.00
Prepaid interest, first (2 days)$188.43
Prepaid interest, second (2 days)$118.90
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 6 moOf the original 30-year loan at 6.500%
Interest already paid$123,198Through Nov 2026
Assumption only · ends May 2053$581,549
Assumption + second · ends May 2053, second Dec 2056$1,023,693
New conventional · ends Dec 2056$1,226,837