Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,370/mo
Lowest payment- Down payment
- $147,977
- Funds due
- $166,137
- Interest + MI left
- $612,996
- First ends
- Jul 2053
Assumption
Assumption + second
$4,981/mo
+$612/mo- Down payment
- $71,977
- Funds due
- $91,500
- Interest + MI left
- $757,141
- First ends
- Jul 2053
New loan
New conventional
$5,155/mo
+$786/mo- Down payment
- $71,977
- Funds due
- $85,953
- Interest + MI left
- $940,206
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $567,023 | $567,023 | $643,023 |
| Second mortgage | — | $76,000 | — |
| First P&I | $3,699.12 | $3,699.12 | $4,356.06 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $128.60 |
| Taxes, insurance & HOA | $670.67 | $670.67 | $670.67 |
| Total housing payment | $4,369.79 | $4,981.30 | $5,155.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,977
Closing costs & prepaids$19,523
Usable credit−$0
Total buyer cash needed$91,500
Earnest money paid−$0
Remaining funds due$91,500
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,835.12
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)$858.00
Initial HOA (3 months)$504.00
Prepaid interest, first (6 days)$595.61
Prepaid interest, second (6 days)$112.44
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 7 moOf the original 30-year loan at 6.39%
Interest already paid$126,687Through Dec 2026
Assumption only · ends Jul 2053$612,996
Assumption + second · ends Jul 2053, second Jan 2057$757,141
New conventional · ends Jan 2057$940,206