Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,281/mo
Lowest payment- Down payment
- $203,694
- Funds due
- $223,898
- Interest + MI left
- $798,960
- First ends
- Sep 2053
Assumption
Assumption + second
$6,110/mo
+$829/mo- Down payment
- $90,694
- Funds due
- $112,198
- Interest + MI left
- $984,456
- First ends
- Sep 2053
New loan
New conventional
$6,395/mo
+$1,114/mo- Down payment
- $90,694
- Funds due
- $105,800
- Interest + MI left
- $1,224,172
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $694,306 | $694,306 | $807,306 |
| Second mortgage | — | $113,000 | — |
| First P&I | $4,637.47 | $4,637.47 | $5,589.62 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | — | — | $161.46 |
| Taxes, insurance & HOA | $643.67 | $643.67 | $643.67 |
| Total housing payment | $5,281.14 | $6,110.29 | $6,394.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,694
Closing costs & prepaids$21,504
Usable credit−$0
Total buyer cash needed$112,198
Earnest money paid−$0
Remaining funds due$112,198
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,471.53
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)$1,056.00
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$253.75
Prepaid interest, second (2 days)$49.53
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 10 moOf the original 30-year loan at 6.670%
Interest already paid$149,630Through Nov 2026
Assumption only · ends Sep 2053$798,960
Assumption + second · ends Sep 2053, second Dec 2056$984,456
New conventional · ends Dec 2056$1,224,172