Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,092/mo
Lowest payment- Down payment
- $169,025
- Funds due
- $189,297
- Interest + MI left
- $725,097
- First ends
- Feb 2053
Assumption
Assumption + second
$5,784/mo
+$692/mo- Down payment
- $83,025
- Funds due
- $104,738
- Interest + MI left
- $888,208
- First ends
- Feb 2053
New loan
New conventional
$5,884/mo
+$792/mo- Down payment
- $83,025
- Funds due
- $98,624
- Interest + MI left
- $1,090,739
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $659,975 | $659,975 | $745,975 |
| Second mortgage | — | $86,000 | — |
| First P&I | $4,411.06 | $4,411.06 | $5,053.49 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $149.20 |
| Taxes, insurance & HOA | $681.25 | $681.25 | $681.25 |
| Total housing payment | $5,092.31 | $5,784.28 | $5,883.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,025
Closing costs & prepaids$21,713
Usable credit−$0
Total buyer cash needed$104,738
Earnest money paid−$0
Remaining funds due$104,738
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%)$3,299.88
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)$994.75
Initial HOA (3 months)$399.00
Prepaid interest, first (9 days)$1,070.79
Prepaid interest, second (9 days)$190.85
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 2 moOf the original 30-year loan at 6.58%
Interest already paid$170,778Through Dec 2026
Assumption only · ends Feb 2053$725,097
Assumption + second · ends Feb 2053, second Jan 2057$888,208
New conventional · ends Jan 2057$1,090,739