Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,057/mo
Lowest payment- Down payment
- $257,869
- Funds due
- $276,639
- Interest + MI left
- $510,262
- First ends
- Feb 2053
Assumption
Assumption + second
$5,407/mo
+$1,350/mo- Down payment
- $73,869
- Funds due
- $94,252
- Interest + MI left
- $812,307
- First ends
- Feb 2053
New loan
New conventional
$5,505/mo
+$1,447/mo- Down payment
- $73,869
- Funds due
- $89,153
- Interest + MI left
- $959,372
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $472,131 | $472,131 | $656,131 |
| Second mortgage | — | $184,000 | — |
| First P&I | $3,128.64 | $3,128.64 | $4,444.86 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | — | — | $131.23 |
| Taxes, insurance & HOA | $928.67 | $928.67 | $928.67 |
| Total housing payment | $4,057.31 | $5,407.43 | $5,504.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,869
Closing costs & prepaids$20,383
Usable credit−$0
Total buyer cash needed$94,252
Earnest money paid−$0
Remaining funds due$94,252
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,360.66
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)$876.00
Initial HOA (3 months)$1,260.00
Prepaid interest, first (9 days)$755.54
Prepaid interest, second (9 days)$362.96
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 6.49%
Interest already paid$120,548Through Dec 2026
Assumption only · ends Feb 2053$510,262
Assumption + second · ends Feb 2053, second Jan 2057$812,307
New conventional · ends Jan 2057$959,372