Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,820/mo
Lowest payment- Down payment
- $88,131
- Funds due
- $103,488
- Interest + MI left
- $597,246
- First ends
- Aug 2053
Assumption
Assumption + second
$4,053/mo
+$233/mo- Down payment
- $59,131
- Funds due
- $75,802
- Interest + MI left
- $652,249
- First ends
- Aug 2053
New loan
New conventional
$4,068/mo
+$248/mo- Down payment
- $59,131
- Funds due
- $70,698
- Interest + MI left
- $768,907
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $496,869 | $496,869 | $525,869 |
| Second mortgage | — | $29,000 | — |
| First P&I | $3,419.11 | $3,419.11 | $3,562.42 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $105.17 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $3,819.78 | $4,053.12 | $4,068.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,131
Closing costs & prepaids$16,671
Usable credit−$0
Total buyer cash needed$75,802
Earnest money paid−$0
Remaining funds due$75,802
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,484.35
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)$702.00
Prepaid interest, first (9 days)$852.71
Prepaid interest, second (9 days)$64.36
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 6.96%
Interest already paid$117,634Through Dec 2026
Assumption only · ends Aug 2053$597,246
Assumption + second · ends Aug 2053, second Jan 2057$652,249
New conventional · ends Jan 2057$768,907