Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,780/mo
Lowest payment- Down payment
- $624,333
- Funds due
- $645,817
- Interest + MI left
- $497,144
- First ends
- Feb 2053
Assumption
Assumption + second
$7,462/mo
+$3,682/mo- Down payment
- $110,333
- Funds due
- $133,722
- Interest + MI left
- $1,308,793
- First ends
- Feb 2053
New loan
New conventional
$7,584/mo
+$3,804/mo- Down payment
- $110,333
- Funds due
- $128,218
- Interest + MI left
- $1,447,057
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $475,667 | $475,667 | $989,667 |
| Second mortgage | — | $514,000 | — |
| First P&I | $3,098.12 | $3,098.12 | $6,704.35 |
| Second P&I | — | $3,682.36 | — |
| Mortgage insurance | — | — | $197.93 |
| Taxes, insurance & HOA | $681.67 | $681.67 | $681.67 |
| Total housing payment | $3,779.79 | $7,462.15 | $7,583.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,333
Closing costs & prepaids$23,390
Usable credit−$0
Total buyer cash needed$133,722
Earnest money paid−$0
Remaining funds due$133,722
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,378.34
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)$1,320.00
Initial HOA (3 months)$75.00
Prepaid interest, first (6 days)$493.39
Prepaid interest, second (6 days)$654.82
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 2 moOf the original 30-year loan at 6.31%
Interest already paid$118,181Through Dec 2026
Assumption only · ends Feb 2053$497,144
Assumption + second · ends Feb 2053, second Jan 2057$1,308,793
New conventional · ends Jan 2057$1,447,057