Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,338/mo
Lowest payment- Down payment
- $312,922
- Funds due
- $332,586
- Interest + MI left
- $614,824
- First ends
- Feb 2053
Assumption
Assumption + second
$5,964/mo
+$1,626/mo- Down payment
- $85,922
- Funds due
- $107,270
- Interest + MI left
- $973,276
- First ends
- Feb 2053
New loan
New conventional
$5,999/mo
+$1,660/mo- Down payment
- $85,922
- Funds due
- $101,700
- Interest + MI left
- $1,117,208
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $537,078 | $537,078 | $764,078 |
| Second mortgage | — | $227,000 | — |
| First P&I | $3,668.48 | $3,668.48 | $5,176.13 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | — | — | $152.82 |
| Taxes, insurance & HOA | $669.67 | $669.67 | $669.67 |
| Total housing payment | $4,338.14 | $5,964.40 | $5,998.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,922
Closing costs & prepaids$21,348
Usable credit−$0
Total buyer cash needed$107,270
Earnest money paid−$0
Remaining funds due$107,270
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,685.39
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)$1,020.00
Initial HOA (3 months)$339.00
Prepaid interest, first (9 days)$901.85
Prepaid interest, second (9 days)$433.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 6.81%
Interest already paid$143,688Through Dec 2026
Assumption only · ends Feb 2053$614,824
Assumption + second · ends Feb 2053, second Jan 2057$973,276
New conventional · ends Jan 2057$1,117,208