Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,829/mo
Lowest payment- Down payment
- $122,061
- Funds due
- $144,287
- Interest + MI left
- $824,448
- First ends
- Jul 2053
Assumption
Assumption + second
$6,062/mo
+$233/mo- Down payment
- $93,061
- Funds due
- $116,601
- Interest + MI left
- $879,451
- First ends
- Jul 2053
New loan
New conventional
$6,529/mo
+$700/mo- Down payment
- $93,061
- Funds due
- $109,810
- Interest + MI left
- $1,216,286
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $802,839 | $802,839 | $831,839 |
| Second mortgage | — | $29,000 | — |
| First P&I | $5,101.21 | $5,101.21 | $5,635.17 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $166.37 |
| Taxes, insurance & HOA | $727.67 | $727.67 | $727.67 |
| Total housing payment | $5,828.88 | $6,062.22 | $6,529.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$93,061
Closing costs & prepaids$23,540
Usable credit−$0
Total buyer cash needed$116,601
Earnest money paid−$0
Remaining funds due$116,601
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,014.19
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)$1,110.00
Initial HOA (3 months)$423.00
Prepaid interest, first (9 days)$1,211.52
Prepaid interest, second (9 days)$64.36
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 6.12%
Interest already paid$171,988Through Dec 2026
Assumption only · ends Jul 2053$824,448
Assumption + second · ends Jul 2053, second Jan 2057$879,451
New conventional · ends Jan 2057$1,216,286