Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,539/mo
Lowest payment- Down payment
- $163,716
- Funds due
- $181,626
- Interest + MI left
- $687,474
- First ends
- Sep 2053
Assumption
Assumption + second
$5,239/mo
+$700/mo- Down payment
- $76,716
- Funds due
- $95,898
- Interest + MI left
- $852,482
- First ends
- Sep 2053
New loan
New conventional
$5,416/mo
+$877/mo- Down payment
- $76,716
- Funds due
- $90,118
- Interest + MI left
- $1,034,593
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $595,284 | $595,284 | $682,284 |
| Second mortgage | — | $87,000 | — |
| First P&I | $3,983.72 | $3,983.72 | $4,724.00 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | — | — | $136.46 |
| Taxes, insurance & HOA | $555.42 | $555.42 | $555.42 |
| Total housing payment | $4,539.14 | $5,239.16 | $5,415.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,716
Closing costs & prepaids$19,181
Usable credit−$0
Total buyer cash needed$95,898
Earnest money paid−$0
Remaining funds due$95,898
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,976.42
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)$866.25
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$109.11
Prepaid interest, second (1 days)$21.45
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 10 moOf the original 30-year loan at 6.690%
Interest already paid$128,665Through Nov 2026
Assumption only · ends Sep 2053$687,474
Assumption + second · ends Sep 2053, second Dec 2056$852,482
New conventional · ends Dec 2056$1,034,593