Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,732/mo
Lowest payment- Down payment
- $705,824
- Funds due
- $738,684
- Interest + MI left
- $1,097,670
- First ends
- Aug 2053
Assumption
Assumption + second
$11,550/mo
+$3,818/mo- Down payment
- $172,824
- Funds due
- $207,952
- Interest + MI left
- $1,939,322
- First ends
- Aug 2053
New loan
New conventional
$11,942/mo
+$4,210/mo- Down payment
- $172,824
- Funds due
- $199,219
- Interest + MI left
- $2,269,538
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,019,176 | $1,019,176 | $1,552,176 |
| Second mortgage | — | $533,000 | — |
| First P&I | $6,615.14 | $6,615.14 | $10,514.98 |
| Second P&I | — | $3,818.48 | — |
| Mortgage insurance | — | — | $310.44 |
| Taxes, insurance & HOA | $1,116.67 | $1,116.67 | $1,116.67 |
| Total housing payment | $7,731.81 | $11,550.29 | $11,942.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$172,824
Closing costs & prepaids$35,128
Usable credit−$0
Total buyer cash needed$207,952
Earnest money paid−$0
Remaining funds due$207,952
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,095.88
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)$2,070.00
Initial HOA (3 months)$630.00
Prepaid interest, first (9 days)$1,595.78
Prepaid interest, second (9 days)$1,018.54
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 8 moOf the original 30-year loan at 6.35%
Interest already paid$220,657Through Dec 2026
Assumption only · ends Aug 2053$1,097,670
Assumption + second · ends Aug 2053, second Jan 2057$1,939,322
New conventional · ends Jan 2057$2,269,538