Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,003/mo
Lowest payment- Down payment
- $106,933
- Funds due
- $125,648
- Interest + MI left
- $783,075
- First ends
- Aug 2053
Assumption
Assumption + second
$5,252/mo
+$249/mo- Down payment
- $75,933
- Funds due
- $95,944
- Interest + MI left
- $841,871
- First ends
- Aug 2053
New loan
New conventional
$5,280/mo
+$277/mo- Down payment
- $75,933
- Funds due
- $89,898
- Interest + MI left
- $997,880
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $651,467 | $651,467 | $682,467 |
| Second mortgage | — | $31,000 | — |
| First P&I | $4,482.94 | $4,482.94 | $4,623.27 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $136.49 |
| Taxes, insurance & HOA | $520.00 | $520.00 | $520.00 |
| Total housing payment | $5,002.94 | $5,252.38 | $5,279.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,933
Closing costs & prepaids$20,011
Usable credit−$0
Total buyer cash needed$95,944
Earnest money paid−$0
Remaining funds due$95,944
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,584.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,257.33
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)$910.00
Prepaid interest, first (6 days)$745.35
Prepaid interest, second (6 days)$45.86
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 8 moOf the original 30-year loan at 6.96%
Interest already paid$154,235Through Dec 2026
Assumption only · ends Aug 2053$783,075
Assumption + second · ends Aug 2053, second Jan 2057$841,871
New conventional · ends Jan 2057$997,880