Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,582/mo
Lowest payment- Down payment
- $141,587
- Funds due
- $164,144
- Interest + MI left
- $1,079,670
- First ends
- Nov 2053
Assumption
Assumption + second
$6,920/mo
+$338/mo- Down payment
- $99,587
- Funds due
- $123,456
- Interest + MI left
- $1,159,329
- First ends
- Nov 2053
New loan
New conventional
$6,823/mo
+$241/mo- Down payment
- $99,587
- Funds due
- $116,155
- Interest + MI left
- $1,301,931
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $848,413 | $848,413 | $890,413 |
| Second mortgage | — | $42,000 | — |
| First P&I | $5,969.30 | $5,969.30 | $6,031.97 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | — | — | $178.08 |
| Taxes, insurance & HOA | $612.67 | $612.67 | $612.67 |
| Total housing payment | $6,581.96 | $6,919.90 | $6,822.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,587
Closing costs & prepaids$23,869
Usable credit−$0
Total buyer cash needed$123,456
Earnest money paid−$0
Remaining funds due$123,456
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,242.06
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)$1,188.00
Prepaid interest, first (6 days)$1,008.33
Prepaid interest, second (6 days)$62.14
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 11 moOf the original 30-year loan at 7.23%
Interest already paid$192,497Through Dec 2026
Assumption only · ends Nov 2053$1,079,670
Assumption + second · ends Nov 2053, second Jan 2057$1,159,329
New conventional · ends Jan 2057$1,301,931