Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,934/mo
Lowest payment- Down payment
- $257,297
- Funds due
- $275,029
- Interest + MI left
- $512,818
- First ends
- Feb 2053
Assumption
Assumption + second
$5,284/mo
+$1,350/mo- Down payment
- $73,297
- Funds due
- $92,319
- Interest + MI left
- $814,864
- First ends
- Feb 2053
New loan
New conventional
$5,484/mo
+$1,550/mo- Down payment
- $73,297
- Funds due
- $87,189
- Interest + MI left
- $995,934
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $472,703 | $472,703 | $656,703 |
| Second mortgage | — | $184,000 | — |
| First P&I | $3,128.64 | $3,128.64 | $4,546.88 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | — | — | $131.34 |
| Taxes, insurance & HOA | $805.50 | $805.50 | $805.50 |
| Total housing payment | $3,934.14 | $5,284.27 | $5,483.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,297
Closing costs & prepaids$19,022
Usable credit−$0
Total buyer cash needed$92,319
Earnest money paid−$0
Remaining funds due$92,319
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,363.52
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)$506.50
Initial HOA (3 months)$1,260.00
Prepaid interest, first (1 days)$84.05
Prepaid interest, second (1 days)$40.33
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 6.490%
Interest already paid$117,992Through Nov 2026
Assumption only · ends Feb 2053$512,818
Assumption + second · ends Feb 2053, second Dec 2056$814,864
New conventional · ends Dec 2056$995,934