Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,932/mo
Lowest payment- Down payment
- $101,549
- Funds due
- $123,492
- Interest + MI left
- $797,467
- First ends
- Jun 2053
Assumption
Assumption + second
$6,512/mo
+$581/mo- Down payment
- $44,549
- Funds due
- $67,854
- Interest + MI left
- $949,566
- First ends
- Jun 2053
New loan
New conventional
$6,784/mo
+$852/mo- Down payment
- $44,549
- Funds due
- $61,584
- Interest + MI left
- $1,218,741
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $773,451 | $773,451 | $830,451 |
| Second mortgage | — | $57,000 | — |
| First P&I | $4,939.99 | $4,939.99 | $5,625.76 |
| Second P&I | — | $580.83 | — |
| Mortgage insurance | — | — | $166.09 |
| Taxes, insurance & HOA | $991.67 | $991.67 | $991.67 |
| Total housing payment | $5,931.66 | $6,512.49 | $6,783.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,549
Closing costs & prepaids$23,305
Usable credit−$0
Total buyer cash needed$67,854
Earnest money paid−$0
Remaining funds due$67,854
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,867.26
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)$1,050.00
Initial HOA (3 months)$1,275.00
Prepaid interest, first (6 days)$783.20
Prepaid interest, second (6 days)$111.27
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$170,931Through Dec 2026
Assumption only · ends Jun 2053$797,467
Assumption + second · ends Jun 2053, second Jan 2057$949,566
New conventional · ends Jan 2057$1,218,741