Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,016/mo
Lowest payment- Down payment
- $269,821
- Funds due
- $289,877
- Interest + MI left
- $764,282
- First ends
- Jun 2053
Assumption
Assumption + second
$6,293/mo
+$1,277/mo- Down payment
- $95,821
- Funds due
- $117,165
- Interest + MI left
- $1,049,912
- First ends
- Jun 2053
New loan
New conventional
$6,573/mo
+$1,557/mo- Down payment
- $95,821
- Funds due
- $110,775
- Interest + MI left
- $1,295,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $680,179 | $680,179 | $854,179 |
| Second mortgage | — | $174,000 | — |
| First P&I | $4,528.09 | $4,528.09 | $5,914.16 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | — | — | $170.84 |
| Taxes, insurance & HOA | $488.00 | $488.00 | $488.00 |
| Total housing payment | $5,016.09 | $6,292.84 | $6,573.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,821
Closing costs & prepaids$21,344
Usable credit−$0
Total buyer cash needed$117,165
Earnest money paid−$0
Remaining funds due$117,165
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,400.90
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)$672.00
Initial HOA (3 months)$141.99
Prepaid interest, first (1 days)$122.99
Prepaid interest, second (1 days)$38.14
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 7 moOf the original 30-year loan at 6.600%
Interest already paid$156,831Through Nov 2026
Assumption only · ends Jun 2053$764,282
Assumption + second · ends Jun 2053, second Dec 2056$1,049,912
New conventional · ends Dec 2056$1,295,420