Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,555/mo
Lowest payment- Down payment
- $583,551
- Funds due
- $605,522
- Interest + MI left
- $655,185
- First ends
- Jan 2053
Assumption
Assumption + second
$7,915/mo
+$3,360/mo- Down payment
- $114,551
- Funds due
- $137,872
- Interest + MI left
- $1,395,775
- First ends
- Jan 2053
New loan
New conventional
$8,021/mo
+$3,466/mo- Down payment
- $114,551
- Funds due
- $131,880
- Interest + MI left
- $1,562,745
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $561,449 | $561,449 | $1,030,449 |
| Second mortgage | — | $469,000 | — |
| First P&I | $3,874.63 | $3,874.63 | $7,134.62 |
| Second P&I | — | $3,359.97 | — |
| Mortgage insurance | — | — | $206.09 |
| Taxes, insurance & HOA | $680.08 | $680.08 | $680.08 |
| Total housing payment | $4,554.71 | $7,914.69 | $8,020.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$114,551
Closing costs & prepaids$23,322
Usable credit−$0
Total buyer cash needed$137,872
Earnest money paid−$0
Remaining funds due$137,872
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,807.25
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)$994.25
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$106.44
Prepaid interest, second (1 days)$99.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.920%
Interest already paid$152,562Through Nov 2026
Assumption only · ends Jan 2053$655,185
Assumption + second · ends Jan 2053, second Dec 2056$1,395,775
New conventional · ends Dec 2056$1,562,745