Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,040/mo
Lowest payment- Down payment
- $162,115
- Funds due
- $186,648
- Interest + MI left
- $968,856
- First ends
- Jul 2053
Assumption
Assumption + second
$7,499/mo
+$459/mo- Down payment
- $105,115
- Funds due
- $130,926
- Interest + MI left
- $1,076,964
- First ends
- Jul 2053
New loan
New conventional
$7,969/mo
+$929/mo- Down payment
- $105,115
- Funds due
- $123,435
- Interest + MI left
- $1,432,980
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $887,884 | $887,884 | $944,884 |
| Second mortgage | — | $57,000 | — |
| First P&I | $5,802.31 | $5,802.31 | $6,542.19 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | — | — | $188.98 |
| Taxes, insurance & HOA | $1,237.67 | $1,237.67 | $1,237.67 |
| Total housing payment | $7,039.98 | $7,498.61 | $7,968.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,115
Closing costs & prepaids$25,811
Usable credit−$0
Total buyer cash needed$130,926
Earnest money paid−$0
Remaining funds due$130,926
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,439.42
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)$2,625.00
Initial HOA (3 months)$438.00
Prepaid interest, first (2 days)$312.34
Prepaid interest, second (2 days)$28.11
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 8 moOf the original 30-year loan at 6.420%
Interest already paid$194,296Through Nov 2026
Assumption only · ends Jul 2053$968,856
Assumption + second · ends Jul 2053, second Dec 2056$1,076,964
New conventional · ends Dec 2056$1,432,980