Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,308/mo
Lowest payment- Down payment
- $199,634
- Funds due
- $217,951
- Interest + MI left
- $631,561
- First ends
- Jun 2053
Assumption
Assumption + second
$5,203/mo
+$895/mo- Down payment
- $77,634
- Funds due
- $97,361
- Interest + MI left
- $831,830
- First ends
- Jun 2053
New loan
New conventional
$5,357/mo
+$1,049/mo- Down payment
- $77,634
- Funds due
- $91,734
- Interest + MI left
- $1,012,354
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $570,366 | $570,366 | $692,366 |
| Second mortgage | — | $122,000 | — |
| First P&I | $3,779.64 | $3,779.64 | $4,690.33 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $138.47 |
| Taxes, insurance & HOA | $528.00 | $528.00 | $528.00 |
| Total housing payment | $4,307.64 | $5,202.83 | $5,356.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,634
Closing costs & prepaids$19,727
Usable credit−$0
Total buyer cash needed$97,361
Earnest money paid−$0
Remaining funds due$97,361
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,851.83
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)$924.00
Initial HOA (3 months)$9.99
Prepaid interest, first (6 days)$613.18
Prepaid interest, second (6 days)$160.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6 moOf the original 30-year loan at 6.54%
Interest already paid$133,611Through Dec 2026
Assumption only · ends Jun 2053$631,561
Assumption + second · ends Jun 2053, second Jan 2057$831,830
New conventional · ends Jan 2057$1,012,354