Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,320/mo
Lowest payment- Down payment
- $223,190
- Funds due
- $240,997
- Interest + MI left
- $533,150
- First ends
- Dec 2052
Assumption
Assumption + second
$5,443/mo
+$1,123/mo- Down payment
- $70,190
- Funds due
- $89,314
- Interest + MI left
- $784,307
- First ends
- Dec 2052
New loan
New conventional
$5,580/mo
+$1,260/mo- Down payment
- $70,190
- Funds due
- $84,199
- Interest + MI left
- $954,998
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $476,710 | $476,710 | $629,710 |
| Second mortgage | — | $153,000 | — |
| First P&I | $3,226.39 | $3,226.39 | $4,359.98 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | — | — | $125.94 |
| Taxes, insurance & HOA | $1,094.00 | $1,094.00 | $1,094.00 |
| Total housing payment | $4,320.39 | $5,443.05 | $5,579.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,190
Closing costs & prepaids$19,125
Usable credit−$0
Total buyer cash needed$89,314
Earnest money paid−$0
Remaining funds due$89,314
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,383.55
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$2,607.00
Initial HOA (3 months)$174.99
Prepaid interest, first (2 days)$175.01
Prepaid interest, second (2 days)$67.07
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 1 moOf the original 30-year loan at 6.700%
Interest already paid$128,351Through Nov 2026
Assumption only · ends Dec 2052$533,150
Assumption + second · ends Dec 2052, second Dec 2056$784,307
New conventional · ends Dec 2056$954,998