Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,693/mo
Lowest payment- Down payment
- $289,101
- Funds due
- $312,153
- Interest + MI left
- $814,425
- First ends
- Jun 2053
Assumption
Assumption + second
$7,021/mo
+$1,328/mo- Down payment
- $108,101
- Funds due
- $132,641
- Interest + MI left
- $1,111,546
- First ends
- Jun 2053
New loan
New conventional
$7,420/mo
+$1,726/mo- Down payment
- $108,101
- Funds due
- $125,676
- Interest + MI left
- $1,419,615
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $789,899 | $789,899 | $970,899 |
| Second mortgage | — | $181,000 | — |
| First P&I | $5,045.04 | $5,045.04 | $6,577.21 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | — | — | $194.18 |
| Taxes, insurance & HOA | $648.25 | $648.25 | $648.25 |
| Total housing payment | $5,693.29 | $7,021.41 | $7,419.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$108,101
Closing costs & prepaids$24,540
Usable credit−$0
Total buyer cash needed$132,641
Earnest money paid−$0
Remaining funds due$132,641
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,949.49
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)$1,294.75
Prepaid interest, first (6 days)$799.85
Prepaid interest, second (6 days)$238.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6 moOf the original 30-year loan at 6.16%
Interest already paid$174,566Through Dec 2026
Assumption only · ends Jun 2053$814,425
Assumption + second · ends Jun 2053, second Jan 2057$1,111,546
New conventional · ends Jan 2057$1,419,615