Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,813/mo
Lowest payment- Down payment
- $167,672
- Funds due
- $189,249
- Interest + MI left
- $761,098
- First ends
- Apr 2053
Assumption
Assumption + second
$6,449/mo
+$636/mo- Down payment
- $88,672
- Funds due
- $111,518
- Interest + MI left
- $910,932
- First ends
- Apr 2053
New loan
New conventional
$6,822/mo
+$1,009/mo- Down payment
- $88,672
- Funds due
- $105,019
- Interest + MI left
- $1,207,685
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $717,328 | $717,328 | $796,328 |
| Second mortgage | — | $79,000 | — |
| First P&I | $4,663.80 | $4,663.80 | $5,513.61 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | — | — | $159.27 |
| Taxes, insurance & HOA | $1,149.17 | $1,149.17 | $1,149.17 |
| Total housing payment | $5,812.97 | $6,448.62 | $6,822.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,672
Closing costs & prepaids$22,846
Usable credit−$0
Total buyer cash needed$111,518
Earnest money paid−$0
Remaining funds due$111,518
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,586.64
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)$2,212.50
Initial HOA (3 months)$585.00
Prepaid interest, first (1 days)$124.40
Prepaid interest, second (1 days)$19.48
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 5 moOf the original 30-year loan at 6.330%
Interest already paid$166,771Through Nov 2026
Assumption only · ends Apr 2053$761,098
Assumption + second · ends Apr 2053, second Dec 2056$910,932
New conventional · ends Dec 2056$1,207,685