Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,372/mo
Lowest payment- Down payment
- $169,393
- Funds due
- $187,691
- Interest + MI left
- $631,282
- First ends
- Jul 2053
Assumption
Assumption + second
$5,128/mo
+$756/mo- Down payment
- $75,393
- Funds due
- $95,080
- Interest + MI left
- $809,566
- First ends
- Jul 2053
New loan
New conventional
$5,274/mo
+$902/mo- Down payment
- $75,393
- Funds due
- $89,428
- Interest + MI left
- $984,925
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $579,607 | $579,607 | $673,607 |
| Second mortgage | — | $94,000 | — |
| First P&I | $3,795.89 | $3,795.89 | $4,563.25 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | — | — | $134.72 |
| Taxes, insurance & HOA | $576.25 | $576.25 | $576.25 |
| Total housing payment | $4,372.14 | $5,128.48 | $5,274.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,393
Closing costs & prepaids$19,686
Usable credit−$0
Total buyer cash needed$95,080
Earnest money paid−$0
Remaining funds due$95,080
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,898.03
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)$898.75
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$612.64
Prepaid interest, second (6 days)$139.07
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 7 moOf the original 30-year loan at 6.43%
Interest already paid$130,288Through Dec 2026
Assumption only · ends Jul 2053$631,282
Assumption + second · ends Jul 2053, second Jan 2057$809,566
New conventional · ends Jan 2057$984,925