Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,956/mo
Lowest payment- Down payment
- $77,560
- Funds due
- $90,600
- Interest + MI left
- $445,711
- First ends
- Aug 2053
Assumption
Assumption + second
$3,206/mo
+$249/mo- Down payment
- $46,560
- Funds due
- $60,896
- Interest + MI left
- $504,507
- First ends
- Aug 2053
New loan
New conventional
$3,271/mo
+$315/mo- Down payment
- $46,560
- Funds due
- $56,471
- Interest + MI left
- $611,828
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,440 | $387,440 | $418,440 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,603.60 | $2,603.60 | $2,834.66 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $83.69 |
| Taxes, insurance & HOA | $352.67 | $352.67 | $352.67 |
| Total housing payment | $2,956.26 | $3,205.70 | $3,271.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,560
Closing costs & prepaids$14,336
Usable credit−$0
Total buyer cash needed$60,896
Earnest money paid−$0
Remaining funds due$60,896
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,937.20
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)$558.00
Prepaid interest, first (6 days)$427.35
Prepaid interest, second (6 days)$45.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.71%
Interest already paid$88,514Through Dec 2026
Assumption only · ends Aug 2053$445,711
Assumption + second · ends Aug 2053, second Jan 2057$504,507
New conventional · ends Jan 2057$611,828