Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,554/mo
Lowest payment- Down payment
- $164,381
- Funds due
- $183,204
- Interest + MI left
- $684,155
- First ends
- Sep 2053
Assumption
Assumption + second
$5,262/mo
+$708/mo- Down payment
- $76,381
- Funds due
- $96,649
- Interest + MI left
- $851,060
- First ends
- Sep 2053
New loan
New conventional
$5,331/mo
+$777/mo- Down payment
- $76,381
- Funds due
- $90,901
- Interest + MI left
- $998,102
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $594,619 | $594,619 | $682,619 |
| Second mortgage | — | $88,000 | — |
| First P&I | $3,983.72 | $3,983.72 | $4,624.30 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $136.52 |
| Taxes, insurance & HOA | $570.25 | $570.25 | $570.25 |
| Total housing payment | $4,553.97 | $5,262.04 | $5,331.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,381
Closing costs & prepaids$20,268
Usable credit−$0
Total buyer cash needed$96,649
Earnest money paid−$0
Remaining funds due$96,649
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,973.09
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)$910.75
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$980.88
Prepaid interest, second (9 days)$195.29
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 9 moOf the original 30-year loan at 6.69%
Interest already paid$131,984Through Dec 2026
Assumption only · ends Sep 2053$684,155
Assumption + second · ends Sep 2053, second Jan 2057$851,060
New conventional · ends Jan 2057$998,102