Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,711/mo
Lowest payment- Down payment
- $89,190
- Funds due
- $110,651
- Interest + MI left
- $781,830
- First ends
- May 2053
Assumption
Assumption + second
$6,159/mo
+$448/mo- Down payment
- $45,190
- Funds due
- $67,986
- Interest + MI left
- $899,240
- First ends
- May 2053
New loan
New conventional
$6,648/mo
+$938/mo- Down payment
- $45,190
- Funds due
- $61,582
- Interest + MI left
- $1,254,490
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $810,810 | $810,810 | $854,810 |
| Second mortgage | — | $44,000 | — |
| First P&I | $5,024.10 | $5,024.10 | $5,790.78 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | — | — | $170.96 |
| Taxes, insurance & HOA | $686.67 | $686.67 | $686.67 |
| Total housing payment | $5,710.77 | $6,159.13 | $6,648.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,190
Closing costs & prepaids$22,796
Usable credit−$0
Total buyer cash needed$67,986
Earnest money paid−$0
Remaining funds due$67,986
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,054.05
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)$1,080.00
Initial HOA (3 months)$330.00
Prepaid interest, first (6 days)$778.38
Prepaid interest, second (6 days)$85.89
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 5 moOf the original 30-year loan at 5.84%
Interest already paid$174,296Through Dec 2026
Assumption only · ends May 2053$781,830
Assumption + second · ends May 2053, second Jan 2057$899,240
New conventional · ends Jan 2057$1,254,490