Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,596/mo
Lowest payment- Down payment
- $148,536
- Funds due
- $174,945
- Interest + MI left
- $1,013,345
- First ends
- Apr 2053
Assumption
Assumption + second
$7,798/mo
+$201/mo- Down payment
- $123,536
- Funds due
- $151,201
- Interest + MI left
- $1,060,761
- First ends
- Apr 2053
New loan
New conventional
$8,870/mo
+$1,274/mo- Down payment
- $123,536
- Funds due
- $142,564
- Interest + MI left
- $1,678,027
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,081,464 | $1,081,464 | $1,106,464 |
| Second mortgage | — | $25,000 | — |
| First P&I | $6,608.23 | $6,608.23 | $7,660.93 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $221.29 |
| Taxes, insurance & HOA | $988.17 | $988.17 | $988.17 |
| Total housing payment | $7,596.40 | $7,797.55 | $8,870.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$123,536
Closing costs & prepaids$27,665
Usable credit−$0
Total buyer cash needed$151,201
Earnest money paid−$0
Remaining funds due$151,201
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,407.32
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)$1,819.50
Initial HOA (3 months)$495.00
Prepaid interest, first (1 days)$168.89
Prepaid interest, second (1 days)$6.16
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 5 moOf the original 30-year loan at 5.700%
Interest already paid$227,054Through Nov 2026
Assumption only · ends Apr 2053$1,013,345
Assumption + second · ends Apr 2053, second Dec 2056$1,060,761
New conventional · ends Dec 2056$1,678,027