Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,723/mo
Lowest payment- Down payment
- $347,875
- Funds due
- $373,284
- Interest + MI left
- $1,014,035
- First ends
- Aug 2053
Assumption
Assumption + second
$8,285/mo
+$1,562/mo- Down payment
- $129,875
- Funds due
- $156,626
- Interest + MI left
- $1,358,276
- First ends
- Aug 2053
New loan
New conventional
$8,905/mo
+$2,183/mo- Down payment
- $129,875
- Funds due
- $148,611
- Interest + MI left
- $1,763,957
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $945,125 | $945,125 | $1,163,125 |
| Second mortgage | — | $218,000 | — |
| First P&I | $6,103.30 | $6,103.30 | $8,053.24 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | — | — | $232.63 |
| Taxes, insurance & HOA | $619.50 | $619.50 | $619.50 |
| Total housing payment | $6,722.80 | $8,284.58 | $8,905.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$129,875
Closing costs & prepaids$26,751
Usable credit−$0
Total buyer cash needed$156,626
Earnest money paid−$0
Remaining funds due$156,626
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,930.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,725.63
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)$1,208.50
Prepaid interest, first (2 days)$326.78
Prepaid interest, second (2 days)$92.58
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 9 moOf the original 30-year loan at 6.310%
Interest already paid$198,154Through Nov 2026
Assumption only · ends Aug 2053$1,014,035
Assumption + second · ends Aug 2053, second Dec 2056$1,358,276
New conventional · ends Dec 2056$1,763,957