Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,752/mo
Lowest payment- Down payment
- $168,707
- Funds due
- $187,739
- Interest + MI left
- $634,391
- First ends
- Jul 2053
Assumption
Assumption + second
$5,500/mo
+$748/mo- Down payment
- $75,707
- Funds due
- $96,035
- Interest + MI left
- $810,779
- First ends
- Jul 2053
New loan
New conventional
$5,753/mo
+$1,001/mo- Down payment
- $75,707
- Funds due
- $90,356
- Interest + MI left
- $1,020,959
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $580,293 | $580,293 | $673,293 |
| Second mortgage | — | $93,000 | — |
| First P&I | $3,795.89 | $3,795.89 | $4,661.74 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | — | — | $134.66 |
| Taxes, insurance & HOA | $956.17 | $956.17 | $956.17 |
| Total housing payment | $4,752.06 | $5,500.35 | $5,752.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,707
Closing costs & prepaids$20,328
Usable credit−$0
Total buyer cash needed$96,035
Earnest money paid−$0
Remaining funds due$96,035
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,901.47
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)$2,038.50
Initial HOA (3 months)$180.00
Prepaid interest, first (2 days)$204.45
Prepaid interest, second (2 days)$45.86
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 6.430%
Interest already paid$127,179Through Nov 2026
Assumption only · ends Jul 2053$634,391
Assumption + second · ends Jul 2053, second Dec 2056$810,779
New conventional · ends Dec 2056$1,020,959