Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,172/mo
Lowest payment- Down payment
- $270,608
- Funds due
- $292,111
- Interest + MI left
- $760,541
- First ends
- Jun 2053
Assumption
Assumption + second
$6,456/mo
+$1,284/mo- Down payment
- $95,608
- Funds due
- $118,706
- Interest + MI left
- $1,047,813
- First ends
- Jun 2053
New loan
New conventional
$6,603/mo
+$1,431/mo- Down payment
- $95,608
- Funds due
- $112,372
- Interest + MI left
- $1,249,262
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $679,392 | $679,392 | $854,392 |
| Second mortgage | — | $175,000 | — |
| First P&I | $4,528.09 | $4,528.09 | $5,787.95 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | — | — | $170.88 |
| Taxes, insurance & HOA | $644.00 | $644.00 | $644.00 |
| Total housing payment | $5,172.09 | $6,456.18 | $6,602.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,608
Closing costs & prepaids$23,098
Usable credit−$0
Total buyer cash needed$118,706
Earnest money paid−$0
Remaining funds due$118,706
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,396.96
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)$1,140.00
Initial HOA (3 months)$141.99
Prepaid interest, first (9 days)$1,105.64
Prepaid interest, second (9 days)$345.21
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 6 moOf the original 30-year loan at 6.6%
Interest already paid$160,572Through Dec 2026
Assumption only · ends Jun 2053$760,541
Assumption + second · ends Jun 2053, second Jan 2057$1,047,813
New conventional · ends Jan 2057$1,249,262