Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,105/mo
Lowest payment- Down payment
- $228,230
- Funds due
- $249,100
- Interest + MI left
- $750,038
- First ends
- Jul 2053
Assumption
Assumption + second
$6,125/mo
+$1,020/mo- Down payment
- $89,230
- Funds due
- $111,624
- Interest + MI left
- $978,214
- First ends
- Jul 2053
New loan
New conventional
$6,245/mo
+$1,140/mo- Down payment
- $89,230
- Funds due
- $105,456
- Interest + MI left
- $1,163,547
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $656,770 | $656,770 | $795,770 |
| Second mortgage | — | $139,000 | — |
| First P&I | $4,410.05 | $4,410.05 | $5,390.82 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | — | — | $159.15 |
| Taxes, insurance & HOA | $694.67 | $694.67 | $694.67 |
| Total housing payment | $5,104.72 | $6,124.65 | $6,244.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,230
Closing costs & prepaids$22,393
Usable credit−$0
Total buyer cash needed$111,624
Earnest money paid−$0
Remaining funds due$111,624
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,283.85
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)$1,062.00
Initial HOA (3 months)$372.00
Prepaid interest, first (9 days)$1,083.40
Prepaid interest, second (9 days)$274.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.69%
Interest already paid$153,444Through Dec 2026
Assumption only · ends Jul 2053$750,038
Assumption + second · ends Jul 2053, second Jan 2057$978,214
New conventional · ends Jan 2057$1,163,547