Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,577/mo
Lowest payment- Down payment
- $100,584
- Funds due
- $123,946
- Interest + MI left
- $801,442
- First ends
- Jun 2053
Assumption
Assumption + second
$7,147/mo
+$571/mo- Down payment
- $44,584
- Funds due
- $69,233
- Interest + MI left
- $950,873
- First ends
- Jun 2053
New loan
New conventional
$7,553/mo
+$976/mo- Down payment
- $44,584
- Funds due
- $62,910
- Interest + MI left
- $1,263,700
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $774,416 | $774,416 | $830,416 |
| Second mortgage | — | $56,000 | — |
| First P&I | $4,939.99 | $4,939.99 | $5,749.63 |
| Second P&I | — | $570.64 | — |
| Mortgage insurance | — | — | $166.08 |
| Taxes, insurance & HOA | $1,636.83 | $1,636.83 | $1,636.83 |
| Total housing payment | $6,576.83 | $7,147.47 | $7,552.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,584
Closing costs & prepaids$24,648
Usable credit−$0
Total buyer cash needed$69,233
Earnest money paid−$0
Remaining funds due$69,233
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%)$3,872.08
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)$2,985.50
Initial HOA (3 months)$1,275.00
Prepaid interest, first (2 days)$261.39
Prepaid interest, second (2 days)$36.44
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 7 moOf the original 30-year loan at 6.160%
Interest already paid$166,956Through Nov 2026
Assumption only · ends Jun 2053$801,442
Assumption + second · ends Jun 2053, second Dec 2056$950,873
New conventional · ends Dec 2056$1,263,700