Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,373/mo
Lowest payment- Down payment
- $186,173
- Funds due
- $207,149
- Interest + MI left
- $836,243
- First ends
- Oct 2053
Assumption
Assumption + second
$6,145/mo
+$772/mo- Down payment
- $90,173
- Funds due
- $112,612
- Interest + MI left
- $1,018,321
- First ends
- Oct 2053
New loan
New conventional
$6,188/mo
+$815/mo- Down payment
- $90,173
- Funds due
- $106,145
- Interest + MI left
- $1,176,790
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $708,827 | $708,827 | $804,827 |
| Second mortgage | — | $96,000 | — |
| First P&I | $4,798.35 | $4,798.35 | $5,452.18 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | — | — | $160.97 |
| Taxes, insurance & HOA | $574.67 | $574.67 | $574.67 |
| Total housing payment | $5,373.02 | $6,145.46 | $6,187.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,173
Closing costs & prepaids$22,439
Usable credit−$0
Total buyer cash needed$112,612
Earnest money paid−$0
Remaining funds due$112,612
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,544.14
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)$1,074.00
Prepaid interest, first (9 days)$1,190.25
Prepaid interest, second (9 days)$213.04
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 10 moOf the original 30-year loan at 6.81%
Interest already paid$155,888Through Dec 2026
Assumption only · ends Oct 2053$836,243
Assumption + second · ends Oct 2053, second Jan 2057$1,018,321
New conventional · ends Jan 2057$1,176,790