Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,309/mo
Lowest payment- Down payment
- $137,076
- Funds due
- $159,436
- Interest + MI left
- $840,653
- First ends
- Jun 2053
Assumption
Assumption + second
$6,688/mo
+$378/mo- Down payment
- $90,076
- Funds due
- $113,697
- Interest + MI left
- $929,795
- First ends
- Jun 2053
New loan
New conventional
$7,048/mo
+$739/mo- Down payment
- $90,076
- Funds due
- $106,961
- Interest + MI left
- $1,226,788
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $761,924 | $761,924 | $808,924 |
| Second mortgage | — | $47,000 | — |
| First P&I | $5,023.75 | $5,023.75 | $5,600.83 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | — | — | $161.78 |
| Taxes, insurance & HOA | $1,285.58 | $1,285.58 | $1,285.58 |
| Total housing payment | $6,309.34 | $6,687.51 | $7,048.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,076
Closing costs & prepaids$23,622
Usable credit−$0
Total buyer cash needed$113,697
Earnest money paid−$0
Remaining funds due$113,697
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,809.62
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)$3,206.75
Prepaid interest, first (1 days)$135.69
Prepaid interest, second (1 days)$11.59
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 7 moOf the original 30-year loan at 6.500%
Interest already paid$173,086Through Nov 2026
Assumption only · ends Jun 2053$840,653
Assumption + second · ends Jun 2053, second Dec 2056$929,795
New conventional · ends Dec 2056$1,226,788