Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,279/mo
Lowest payment- Down payment
- $180,472
- Funds due
- $201,312
- Interest + MI left
- $795,101
- First ends
- Sep 2053
Assumption
Assumption + second
$6,027/mo
+$748/mo- Down payment
- $87,472
- Funds due
- $109,769
- Interest + MI left
- $971,489
- First ends
- Sep 2053
New loan
New conventional
$6,127/mo
+$848/mo- Down payment
- $87,472
- Funds due
- $103,429
- Interest + MI left
- $1,150,034
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $693,528 | $693,528 | $786,528 |
| Second mortgage | — | $93,000 | — |
| First P&I | $4,637.47 | $4,637.47 | $5,328.21 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | — | — | $157.31 |
| Taxes, insurance & HOA | $641.25 | $641.25 | $641.25 |
| Total housing payment | $5,278.72 | $6,027.02 | $6,126.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,472
Closing costs & prepaids$22,296
Usable credit−$0
Total buyer cash needed$109,769
Earnest money paid−$0
Remaining funds due$109,769
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,740.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,467.64
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)$1,048.75
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$1,140.62
Prepaid interest, second (9 days)$206.38
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 9 moOf the original 30-year loan at 6.67%
Interest already paid$153,489Through Dec 2026
Assumption only · ends Sep 2053$795,101
Assumption + second · ends Sep 2053, second Jan 2057$971,489
New conventional · ends Jan 2057$1,150,034