Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,395/mo
Lowest payment- Down payment
- $308,942
- Funds due
- $337,792
- Interest + MI left
- $1,290,264
- First ends
- Jul 2053
Assumption
Assumption + second
$9,561/mo
+$1,167/mo- Down payment
- $149,942
- Funds due
- $180,112
- Interest + MI left
- $1,551,271
- First ends
- Jul 2053
New loan
New conventional
$10,250/mo
+$1,855/mo- Down payment
- $149,942
- Funds due
- $170,685
- Interest + MI left
- $2,044,421
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,189,058 | $1,189,058 | $1,348,058 |
| Second mortgage | — | $159,000 | — |
| First P&I | $7,747.88 | $7,747.88 | $9,333.68 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $269.61 |
| Taxes, insurance & HOA | $646.83 | $646.83 | $646.83 |
| Total housing payment | $8,394.71 | $9,561.40 | $10,250.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$149,942
Closing costs & prepaids$30,170
Usable credit−$0
Total buyer cash needed$180,112
Earnest money paid−$0
Remaining funds due$180,112
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,945.29
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)$765.50
Initial HOA (3 months)$525.00
Prepaid interest, first (2 days)$416.33
Prepaid interest, second (2 days)$69.70
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 8 moOf the original 30-year loan at 6.390%
Interest already paid$259,017Through Nov 2026
Assumption only · ends Jul 2053$1,290,264
Assumption + second · ends Jul 2053, second Dec 2056$1,551,271
New conventional · ends Dec 2056$2,044,421