Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,561/mo
Lowest payment- Down payment
- $212,179
- Funds due
- $236,567
- Interest + MI left
- $981,824
- First ends
- Jul 2053
Assumption
Assumption + second
$7,324/mo
+$763/mo- Down payment
- $108,179
- Funds due
- $134,022
- Interest + MI left
- $1,152,546
- First ends
- Jul 2053
New loan
New conventional
$7,522/mo
+$960/mo- Down payment
- $108,179
- Funds due
- $126,670
- Interest + MI left
- $1,413,652
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $862,821 | $862,821 | $966,821 |
| Second mortgage | — | $104,000 | — |
| First P&I | $5,782.59 | $5,782.59 | $6,549.58 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | — | — | $193.36 |
| Taxes, insurance & HOA | $778.67 | $778.67 | $778.67 |
| Total housing payment | $6,561.25 | $7,324.37 | $7,521.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$108,179
Closing costs & prepaids$25,842
Usable credit−$0
Total buyer cash needed$134,022
Earnest money paid−$0
Remaining funds due$134,022
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,314.10
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)$1,290.00
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$1,419.04
Prepaid interest, second (9 days)$205.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.67%
Interest already paid$200,998Through Dec 2026
Assumption only · ends Jul 2053$981,824
Assumption + second · ends Jul 2053, second Jan 2057$1,152,546
New conventional · ends Jan 2057$1,413,652