Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,681/mo
Lowest payment- Down payment
- $584,187
- Funds due
- $607,386
- Interest + MI left
- $651,947
- First ends
- Jan 2053
Assumption
Assumption + second
$8,041/mo
+$3,360/mo- Down payment
- $115,187
- Funds due
- $140,533
- Interest + MI left
- $1,392,537
- First ends
- Jan 2053
New loan
New conventional
$7,989/mo
+$3,308/mo- Down payment
- $115,187
- Funds due
- $134,503
- Interest + MI left
- $1,505,757
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $560,813 | $560,813 | $1,029,813 |
| Second mortgage | — | $469,000 | — |
| First P&I | $3,874.63 | $3,874.63 | $6,976.31 |
| Second P&I | — | $3,359.97 | — |
| Mortgage insurance | — | — | $205.96 |
| Taxes, insurance & HOA | $806.67 | $806.67 | $806.67 |
| Total housing payment | $4,681.30 | $8,041.27 | $7,988.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$115,187
Closing costs & prepaids$25,345
Usable credit−$0
Total buyer cash needed$140,533
Earnest money paid−$0
Remaining funds due$140,533
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,804.06
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)$1,374.00
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$956.92
Prepaid interest, second (9 days)$896.24
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 1 moOf the original 30-year loan at 6.92%
Interest already paid$155,800Through Dec 2026
Assumption only · ends Jan 2053$651,947
Assumption + second · ends Jan 2053, second Jan 2057$1,392,537
New conventional · ends Jan 2057$1,505,757