Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,181/mo
Lowest payment- Down payment
- $365,722
- Funds due
- $385,585
- Interest + MI left
- $583,977
- First ends
- Aug 2053
Assumption
Assumption + second
$6,151/mo
+$1,970/mo- Down payment
- $90,722
- Funds due
- $112,185
- Interest + MI left
- $1,018,225
- First ends
- Aug 2053
New loan
New conventional
$6,330/mo
+$2,149/mo- Down payment
- $90,722
- Funds due
- $106,604
- Interest + MI left
- $1,183,152
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $534,178 | $534,178 | $809,178 |
| Second mortgage | — | $275,000 | — |
| First P&I | $3,494.23 | $3,494.23 | $5,481.65 |
| Second P&I | — | $1,970.13 | — |
| Mortgage insurance | — | — | $161.84 |
| Taxes, insurance & HOA | $686.67 | $686.67 | $686.67 |
| Total housing payment | $4,180.90 | $6,151.03 | $6,330.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,722
Closing costs & prepaids$21,463
Usable credit−$0
Total buyer cash needed$112,185
Earnest money paid−$0
Remaining funds due$112,185
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,670.89
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)$1,080.00
Initial HOA (3 months)$330.00
Prepaid interest, first (6 days)$564.62
Prepaid interest, second (6 days)$350.34
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 8 moOf the original 30-year loan at 6.43%
Interest already paid$117,072Through Dec 2026
Assumption only · ends Aug 2053$583,977
Assumption + second · ends Aug 2053, second Jan 2057$1,018,225
New conventional · ends Jan 2057$1,183,152