Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,782/mo
Lowest payment- Down payment
- $68,307
- Funds due
- $88,962
- Interest + MI left
- $791,881
- First ends
- Apr 2053
Assumption
Assumption + second
$6,047/mo
+$265/mo- Down payment
- $42,307
- Funds due
- $64,229
- Interest + MI left
- $861,260
- First ends
- Apr 2053
New loan
New conventional
$6,546/mo
+$765/mo- Down payment
- $42,307
- Funds due
- $57,933
- Interest + MI left
- $1,219,694
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $775,393 | $775,393 | $801,393 |
| Second mortgage | — | $26,000 | — |
| First P&I | $4,944.08 | $4,944.08 | $5,548.68 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $160.28 |
| Taxes, insurance & HOA | $837.50 | $837.50 | $837.50 |
| Total housing payment | $5,781.59 | $6,046.53 | $6,546.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,307
Closing costs & prepaids$21,922
Usable credit−$0
Total buyer cash needed$64,229
Earnest money paid−$0
Remaining funds due$64,229
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,437.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,876.97
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)$1,719.50
Initial HOA (3 months)$143.01
Prepaid interest, first (2 days)$260.45
Prepaid interest, second (2 days)$16.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 6.130%
Interest already paid$174,729Through Nov 2026
Assumption only · ends Apr 2053$791,881
Assumption + second · ends Apr 2053, second Dec 2056$861,260
New conventional · ends Dec 2056$1,219,694