Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,430/mo
Lowest payment- Down payment
- $211,198
- Funds due
- $234,092
- Interest + MI left
- $986,625
- First ends
- Jul 2053
Assumption
Assumption + second
$7,186/mo
+$756/mo- Down payment
- $108,198
- Funds due
- $132,387
- Interest + MI left
- $1,155,705
- First ends
- Jul 2053
New loan
New conventional
$7,534/mo
+$1,105/mo- Down payment
- $108,198
- Funds due
- $124,975
- Interest + MI left
- $1,466,220
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $863,802 | $863,802 | $966,802 |
| Second mortgage | — | $103,000 | — |
| First P&I | $5,782.59 | $5,782.59 | $6,693.94 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $193.36 |
| Taxes, insurance & HOA | $647.17 | $647.17 | $647.17 |
| Total housing payment | $6,429.75 | $7,185.53 | $7,534.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$108,198
Closing costs & prepaids$24,189
Usable credit−$0
Total buyer cash needed$132,387
Earnest money paid−$0
Remaining funds due$132,387
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,319.01
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)$895.50
Initial HOA (3 months)$396.00
Prepaid interest, first (2 days)$315.70
Prepaid interest, second (2 days)$45.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.670%
Interest already paid$196,196Through Nov 2026
Assumption only · ends Jul 2053$986,625
Assumption + second · ends Jul 2053, second Dec 2056$1,155,705
New conventional · ends Dec 2056$1,466,220