Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,236/mo
Lowest payment- Down payment
- $190,417
- Funds due
- $211,251
- Interest + MI left
- $752,133
- First ends
- Feb 2053
Assumption
Assumption + second
$5,985/mo
+$748/mo- Down payment
- $88,417
- Funds due
- $110,702
- Interest + MI left
- $919,571
- First ends
- Feb 2053
New loan
New conventional
$6,147/mo
+$910/mo- Down payment
- $88,417
- Funds due
- $104,432
- Interest + MI left
- $1,150,114
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $684,583 | $684,583 | $786,583 |
| Second mortgage | — | $102,000 | — |
| First P&I | $4,575.53 | $4,575.53 | $5,328.59 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $157.32 |
| Taxes, insurance & HOA | $660.67 | $660.67 | $660.67 |
| Total housing payment | $5,236.20 | $5,984.64 | $6,146.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,417
Closing costs & prepaids$22,285
Usable credit−$0
Total buyer cash needed$110,702
Earnest money paid−$0
Remaining funds due$110,702
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,422.92
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)$1,050.00
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$1,110.71
Prepaid interest, second (9 days)$201.21
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$177,145Through Dec 2026
Assumption only · ends Feb 2053$752,133
Assumption + second · ends Feb 2053, second Jan 2057$919,571
New conventional · ends Jan 2057$1,150,114