Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,450/mo
Lowest payment- Down payment
- $115,230
- Funds due
- $138,070
- Interest + MI left
- $898,004
- First ends
- Mar 2053
Assumption
Assumption + second
$7,081/mo
+$632/mo- Down payment
- $53,230
- Funds due
- $77,341
- Interest + MI left
- $1,063,445
- First ends
- Mar 2053
New loan
New conventional
$7,750/mo
+$1,301/mo- Down payment
- $53,230
- Funds due
- $70,124
- Interest + MI left
- $1,516,852
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $934,770 | $934,770 | $996,770 |
| Second mortgage | — | $62,000 | — |
| First P&I | $5,799.92 | $5,799.92 | $6,901.43 |
| Second P&I | — | $631.78 | — |
| Mortgage insurance | — | — | $199.35 |
| Taxes, insurance & HOA | $649.58 | $649.58 | $649.58 |
| Total housing payment | $6,449.50 | $7,081.28 | $7,750.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,230
Closing costs & prepaids$24,110
Usable credit−$0
Total buyer cash needed$77,341
Earnest money paid−$0
Remaining funds due$77,341
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,673.85
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)$1,298.75
Prepaid interest, first (1 days)$149.56
Prepaid interest, second (1 days)$20.17
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 5.840%
Interest already paid$205,766Through Nov 2026
Assumption only · ends Mar 2053$898,004
Assumption + second · ends Mar 2053, second Dec 2056$1,063,445
New conventional · ends Dec 2056$1,516,852