Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,590/mo
Lowest payment- Down payment
- $131,510
- Funds due
- $144,524
- Interest + MI left
- $373,326
- First ends
- Aug 2053
Assumption
Assumption + second
$3,266/mo
+$676/mo- Down payment
- $47,510
- Funds due
- $61,961
- Interest + MI left
- $532,644
- First ends
- Aug 2053
New loan
New conventional
$3,323/mo
+$734/mo- Down payment
- $47,510
- Funds due
- $57,761
- Interest + MI left
- $622,137
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,490 | $341,490 | $425,490 |
| Second mortgage | — | $84,000 | — |
| First P&I | $2,233.80 | $2,233.80 | $2,882.42 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $85.10 |
| Taxes, insurance & HOA | $355.83 | $355.83 | $355.83 |
| Total housing payment | $2,589.63 | $3,265.51 | $3,323.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,510
Closing costs & prepaids$14,451
Usable credit−$0
Total buyer cash needed$61,961
Earnest money paid−$0
Remaining funds due$61,961
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,730.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,707.45
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$567.50
Prepaid interest, first (9 days)$541.43
Prepaid interest, second (9 days)$186.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.43%
Interest already paid$74,842Through Dec 2026
Assumption only · ends Aug 2053$373,326
Assumption + second · ends Aug 2053, second Jan 2057$532,644
New conventional · ends Jan 2057$622,137