Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,043/mo
Lowest payment- Down payment
- $312,305
- Funds due
- $330,285
- Interest + MI left
- $617,875
- First ends
- Feb 2053
Assumption
Assumption + second
$5,669/mo
+$1,626/mo- Down payment
- $85,305
- Funds due
- $104,584
- Interest + MI left
- $976,327
- First ends
- Feb 2053
New loan
New conventional
$5,822/mo
+$1,779/mo- Down payment
- $85,305
- Funds due
- $99,006
- Interest + MI left
- $1,159,711
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $537,695 | $537,695 | $764,695 |
| Second mortgage | — | $227,000 | — |
| First P&I | $3,668.48 | $3,668.48 | $5,294.59 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | — | — | $152.94 |
| Taxes, insurance & HOA | $374.67 | $374.67 | $374.67 |
| Total housing payment | $4,043.14 | $5,669.40 | $5,822.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,305
Closing costs & prepaids$19,279
Usable credit−$0
Total buyer cash needed$104,584
Earnest money paid−$0
Remaining funds due$104,584
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,688.48
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)$135.00
Initial HOA (3 months)$339.00
Prepaid interest, first (1 days)$100.32
Prepaid interest, second (1 days)$48.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 6.810%
Interest already paid$140,637Through Nov 2026
Assumption only · ends Feb 2053$617,875
Assumption + second · ends Feb 2053, second Dec 2056$976,327
New conventional · ends Dec 2056$1,159,711