Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,610/mo
Lowest payment- Down payment
- $201,644
- Funds due
- $221,000
- Interest + MI left
- $635,703
- First ends
- Apr 2053
Assumption
Assumption + second
$5,491/mo
+$881/mo- Down payment
- $81,644
- Funds due
- $102,408
- Interest + MI left
- $832,689
- First ends
- Apr 2053
New loan
New conventional
$5,753/mo
+$1,143/mo- Down payment
- $81,644
- Funds due
- $96,582
- Interest + MI left
- $1,064,831
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $608,256 | $608,256 | $728,256 |
| Second mortgage | — | $120,000 | — |
| First P&I | $3,936.58 | $3,936.58 | $4,933.46 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | — | — | $145.65 |
| Taxes, insurance & HOA | $673.67 | $673.67 | $673.67 |
| Total housing payment | $4,610.25 | $5,490.76 | $5,752.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$81,644
Closing costs & prepaids$20,764
Usable credit−$0
Total buyer cash needed$102,408
Earnest money paid−$0
Remaining funds due$102,408
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,041.28
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)$972.00
Initial HOA (3 months)$399.00
Prepaid interest, first (6 days)$626.92
Prepaid interest, second (6 days)$157.81
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 4 moOf the original 30-year loan at 6.27%
Interest already paid$143,465Through Dec 2026
Assumption only · ends Apr 2053$635,703
Assumption + second · ends Apr 2053, second Jan 2057$832,689
New conventional · ends Jan 2057$1,064,831