Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,655/mo
Lowest payment- Down payment
- $519,187
- Funds due
- $541,658
- Interest + MI left
- $651,947
- First ends
- Jan 2053
Assumption
Assumption + second
$7,600/mo
+$2,944/mo- Down payment
- $108,187
- Funds due
- $132,694
- Interest + MI left
- $1,300,950
- First ends
- Jan 2053
New loan
New conventional
$7,558/mo
+$2,903/mo- Down payment
- $108,187
- Funds due
- $126,743
- Interest + MI left
- $1,420,951
- 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 | $971,813 |
| Second mortgage | — | $411,000 | — |
| First P&I | $3,874.63 | $3,874.63 | $6,583.40 |
| Second P&I | — | $2,944.45 | — |
| Mortgage insurance | — | — | $194.36 |
| Taxes, insurance & HOA | $780.67 | $780.67 | $780.67 |
| Total housing payment | $4,655.30 | $7,599.75 | $7,558.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$108,187
Closing costs & prepaids$24,506
Usable credit−$0
Total buyer cash needed$132,694
Earnest money paid−$0
Remaining funds due$132,694
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,800.00
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)$1,296.00
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$956.92
Prepaid interest, second (9 days)$785.40
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$1,300,950
New conventional · ends Jan 2057$1,420,951