Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,188/mo
Lowest payment- Down payment
- $225,529
- Funds due
- $243,465
- Interest + MI left
- $612,839
- First ends
- Jun 2053
Assumption
Assumption + second
$5,252/mo
+$1,064/mo- Down payment
- $80,529
- Funds due
- $99,747
- Interest + MI left
- $850,864
- First ends
- Jun 2053
New loan
New conventional
$5,591/mo
+$1,403/mo- Down payment
- $80,529
- Funds due
- $94,042
- Interest + MI left
- $1,090,975
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $574,371 | $574,371 | $719,371 |
| Second mortgage | — | $145,000 | — |
| First P&I | $3,721.66 | $3,721.66 | $4,980.78 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | — | — | $143.87 |
| Taxes, insurance & HOA | $466.16 | $466.16 | $466.16 |
| Total housing payment | $4,187.83 | $5,251.78 | $5,590.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,529
Closing costs & prepaids$19,219
Usable credit−$0
Total buyer cash needed$99,747
Earnest money paid−$0
Remaining funds due$99,747
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,871.86
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)$629.00
Initial HOA (3 months)$119.49
Prepaid interest, first (1 days)$99.45
Prepaid interest, second (1 days)$31.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 6.320%
Interest already paid$126,960Through Nov 2026
Assumption only · ends Jun 2053$612,839
Assumption + second · ends Jun 2053, second Dec 2056$850,864
New conventional · ends Dec 2056$1,090,975