Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,100/mo
Lowest payment- Down payment
- $185,401
- Funds due
- $204,636
- Interest + MI left
- $840,270
- First ends
- Oct 2053
Assumption
Assumption + second
$5,864/mo
+$764/mo- Down payment
- $90,401
- Funds due
- $110,933
- Interest + MI left
- $1,020,451
- First ends
- Oct 2053
New loan
New conventional
$6,033/mo
+$933/mo- Down payment
- $90,401
- Funds due
- $104,452
- Interest + MI left
- $1,220,068
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $709,599 | $709,599 | $804,599 |
| Second mortgage | — | $95,000 | — |
| First P&I | $4,798.35 | $4,798.35 | $5,570.88 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $160.92 |
| Taxes, insurance & HOA | $301.42 | $301.42 | $301.42 |
| Total housing payment | $5,099.77 | $5,864.16 | $6,033.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,401
Closing costs & prepaids$20,532
Usable credit−$0
Total buyer cash needed$110,933
Earnest money paid−$0
Remaining funds due$110,933
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,547.99
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)$254.25
Prepaid interest, first (2 days)$264.79
Prepaid interest, second (2 days)$46.85
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 11 moOf the original 30-year loan at 6.810%
Interest already paid$151,861Through Nov 2026
Assumption only · ends Oct 2053$840,270
Assumption + second · ends Oct 2053, second Dec 2056$1,020,451
New conventional · ends Dec 2056$1,220,068