Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,239/mo
Lowest payment- Down payment
- $85,252
- Funds due
- $101,250
- Interest + MI left
- $607,276
- First ends
- Sep 2053
Assumption
Assumption + second
$4,440/mo
+$201/mo- Down payment
- $60,252
- Funds due
- $77,512
- Interest + MI left
- $654,692
- First ends
- Sep 2053
New loan
New conventional
$4,600/mo
+$361/mo- Down payment
- $60,252
- Funds due
- $72,307
- Interest + MI left
- $818,563
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $514,747 | $514,747 | $539,747 |
| Second mortgage | — | $25,000 | — |
| First P&I | $3,484.54 | $3,484.54 | $3,737.10 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $107.95 |
| Taxes, insurance & HOA | $754.67 | $754.67 | $754.67 |
| Total housing payment | $4,239.21 | $4,440.37 | $4,599.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,252
Closing costs & prepaids$17,260
Usable credit−$0
Total buyer cash needed$77,512
Earnest money paid−$0
Remaining funds due$77,512
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,573.74
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)$1,500.00
Initial HOA (3 months)$264.00
Prepaid interest, first (2 days)$192.08
Prepaid interest, second (2 days)$12.33
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 10 moOf the original 30-year loan at 6.810%
Interest already paid$113,205Through Nov 2026
Assumption only · ends Sep 2053$607,276
Assumption + second · ends Sep 2053, second Dec 2056$654,692
New conventional · ends Dec 2056$818,563