Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,739/mo
Lowest payment- Down payment
- $310,358
- Funds due
- $341,688
- Interest + MI left
- $1,283,932
- First ends
- Jul 2053
Assumption
Assumption + second
$9,913/mo
+$1,174/mo- Down payment
- $150,358
- Funds due
- $183,254
- Interest + MI left
- $1,546,581
- First ends
- Jul 2053
New loan
New conventional
$10,390/mo
+$1,651/mo- Down payment
- $150,358
- Funds due
- $173,968
- Interest + MI left
- $1,970,475
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,187,642 | $1,187,642 | $1,347,642 |
| Second mortgage | — | $160,000 | — |
| First P&I | $7,747.88 | $7,747.88 | $9,129.40 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | — | — | $269.53 |
| Taxes, insurance & HOA | $990.83 | $990.83 | $990.83 |
| Total housing payment | $8,738.71 | $9,912.74 | $10,389.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$150,358
Closing costs & prepaids$32,896
Usable credit−$0
Total buyer cash needed$183,254
Earnest money paid−$0
Remaining funds due$183,254
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,938.21
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)$1,797.50
Initial HOA (3 months)$525.00
Prepaid interest, first (9 days)$1,871.27
Prepaid interest, second (9 days)$315.62
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 7 moOf the original 30-year loan at 6.39%
Interest already paid$265,349Through Dec 2026
Assumption only · ends Jul 2053$1,283,932
Assumption + second · ends Jul 2053, second Jan 2057$1,546,581
New conventional · ends Jan 2057$1,970,475