Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,325/mo
Lowest payment- Down payment
- $252,399
- Funds due
- $271,050
- Interest + MI left
- $625,867
- First ends
- Apr 2053
Assumption
Assumption + second
$5,550/mo
+$1,225/mo- Down payment
- $85,399
- Funds due
- $105,373
- Interest + MI left
- $900,006
- First ends
- Apr 2053
New loan
New conventional
$5,908/mo
+$1,583/mo- Down payment
- $85,399
- Funds due
- $99,525
- Interest + MI left
- $1,158,052
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $596,601 | $596,601 | $763,601 |
| Second mortgage | — | $167,000 | — |
| First P&I | $3,856.37 | $3,856.37 | $5,287.02 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | — | — | $152.72 |
| Taxes, insurance & HOA | $468.33 | $468.33 | $468.33 |
| Total housing payment | $4,324.70 | $5,550.09 | $5,908.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,399
Closing costs & prepaids$19,974
Usable credit−$0
Total buyer cash needed$105,373
Earnest money paid−$0
Remaining funds due$105,373
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,983.01
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)$755.00
Prepaid interest, first (2 days)$204.97
Prepaid interest, second (2 days)$73.21
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$137,425Through Nov 2026
Assumption only · ends Apr 2053$625,867
Assumption + second · ends Apr 2053, second Dec 2056$900,006
New conventional · ends Dec 2056$1,158,052