Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,061/mo
Lowest payment- Down payment
- $168,237
- Funds due
- $187,588
- Interest + MI left
- $728,720
- First ends
- Feb 2053
Assumption
Assumption + second
$5,745/mo
+$684/mo- Down payment
- $83,237
- Funds due
- $103,880
- Interest + MI left
- $889,935
- First ends
- Feb 2053
New loan
New conventional
$5,963/mo
+$902/mo- Down payment
- $83,237
- Funds due
- $97,723
- Interest + MI left
- $1,131,000
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $660,763 | $660,763 | $745,763 |
| Second mortgage | — | $85,000 | — |
| First P&I | $4,411.06 | $4,411.06 | $5,163.51 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | — | — | $149.15 |
| Taxes, insurance & HOA | $650.42 | $650.42 | $650.42 |
| Total housing payment | $5,061.47 | $5,745.40 | $5,963.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,237
Closing costs & prepaids$20,643
Usable credit−$0
Total buyer cash needed$103,880
Earnest money paid−$0
Remaining funds due$103,880
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,303.81
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)$902.25
Initial HOA (3 months)$399.00
Prepaid interest, first (2 days)$238.24
Prepaid interest, second (2 days)$41.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3 moOf the original 30-year loan at 6.580%
Interest already paid$167,154Through Nov 2026
Assumption only · ends Feb 2053$728,720
Assumption + second · ends Feb 2053, second Dec 2056$889,935
New conventional · ends Dec 2056$1,131,000