Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,935/mo
Lowest payment- Down payment
- $106,832
- Funds due
- $125,567
- Interest + MI left
- $680,115
- First ends
- Jul 2053
Assumption
Assumption + second
$5,193/mo
+$257/mo- Down payment
- $74,832
- Funds due
- $94,825
- Interest + MI left
- $740,807
- First ends
- Jul 2053
New loan
New conventional
$5,568/mo
+$633/mo- Down payment
- $74,832
- Funds due
- $88,887
- Interest + MI left
- $1,007,881
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $632,668 | $632,668 | $664,668 |
| Second mortgage | — | $32,000 | — |
| First P&I | $4,102.44 | $4,102.44 | $4,602.03 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | — | — | $132.93 |
| Taxes, insurance & HOA | $832.92 | $832.92 | $832.92 |
| Total housing payment | $4,935.36 | $5,192.84 | $5,567.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,832
Closing costs & prepaids$19,993
Usable credit−$0
Total buyer cash needed$94,825
Earnest money paid−$0
Remaining funds due$94,825
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,395.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,163.34
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)$1,848.75
Prepaid interest, first (1 days)$109.89
Prepaid interest, second (1 days)$7.89
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 8 moOf the original 30-year loan at 6.340%
Interest already paid$136,765Through Nov 2026
Assumption only · ends Jul 2053$680,115
Assumption + second · ends Jul 2053, second Dec 2056$740,807
New conventional · ends Dec 2056$1,007,881