Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,321/mo
Lowest payment- Down payment
- $201,921
- Funds due
- $219,465
- Interest + MI left
- $679,817
- First ends
- Feb 2053
Assumption
Assumption + second
$5,202/mo
+$881/mo- Down payment
- $81,921
- Funds due
- $100,742
- Interest + MI left
- $876,803
- First ends
- Feb 2053
New loan
New conventional
$5,439/mo
+$1,118/mo- Down payment
- $81,921
- Funds due
- $94,825
- Interest + MI left
- $1,111,764
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $613,079 | $613,079 | $733,079 |
| Second mortgage | — | $120,000 | — |
| First P&I | $4,104.43 | $4,104.43 | $5,075.69 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | — | — | $146.62 |
| Taxes, insurance & HOA | $216.67 | $216.67 | $216.67 |
| Total housing payment | $4,321.10 | $5,201.62 | $5,438.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$81,921
Closing costs & prepaids$18,821
Usable credit−$0
Total buyer cash needed$100,742
Earnest money paid−$0
Remaining funds due$100,742
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,065.40
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Prepaid interest, first (1 days)$111.03
Prepaid interest, second (1 days)$26.30
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 3 moOf the original 30-year loan at 6.610%
Interest already paid$155,778Through Nov 2026
Assumption only · ends Feb 2053$679,817
Assumption + second · ends Feb 2053, second Dec 2056$876,803
New conventional · ends Dec 2056$1,111,764