Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,888/mo
Lowest payment- Down payment
- $423,907
- Funds due
- $438,121
- Interest + MI left
- $241,074
- First ends
- Jul 2053
Assumption
Assumption + second
$4,460/mo
+$2,572/mo- Down payment
- $64,907
- Funds due
- $81,057
- Interest + MI left
- $807,966
- First ends
- Jul 2053
New loan
New conventional
$4,500/mo
+$2,612/mo- Down payment
- $64,907
- Funds due
- $77,236
- Interest + MI left
- $854,041
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,093 | $225,093 | $584,093 |
| Second mortgage | — | $359,000 | — |
| First P&I | $1,461.34 | $1,461.34 | $3,956.85 |
| Second P&I | — | $2,571.92 | — |
| Mortgage insurance | — | — | $116.82 |
| Taxes, insurance & HOA | $426.25 | $426.25 | $426.25 |
| Total housing payment | $1,887.59 | $4,459.51 | $4,499.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,907
Closing costs & prepaids$16,150
Usable credit−$0
Total buyer cash needed$81,057
Earnest money paid−$0
Remaining funds due$81,057
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,125.47
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)$778.75
Prepaid interest, first (9 days)$351.89
Prepaid interest, second (9 days)$686.03
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 7 moOf the original 30-year loan at 6.34%
Interest already paid$49,908Through Dec 2026
Assumption only · ends Jul 2053$241,074
Assumption + second · ends Jul 2053, second Jan 2057$807,966
New conventional · ends Jan 2057$854,041