Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,668/mo
Lowest payment- Down payment
- $70,910
- Funds due
- $87,750
- Interest + MI left
- $757,057
- First ends
- Nov 2053
Assumption
Assumption + second
$5,035/mo
+$367/mo- Down payment
- $34,910
- Funds due
- $53,070
- Interest + MI left
- $853,120
- First ends
- Nov 2053
New loan
New conventional
$4,938/mo
+$270/mo- Down payment
- $34,910
- Funds due
- $47,613
- Interest + MI left
- $946,581
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $609,089 | $609,089 | $645,089 |
| Second mortgage | — | $36,000 | — |
| First P&I | $4,229.55 | $4,229.55 | $4,370.06 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $129.02 |
| Taxes, insurance & HOA | $438.67 | $438.67 | $438.67 |
| Total housing payment | $4,668.22 | $5,035.06 | $4,937.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,910
Closing costs & prepaids$18,160
Usable credit−$0
Total buyer cash needed$53,070
Earnest money paid−$0
Remaining funds due$53,070
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,799.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,045.44
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)$816.00
Prepaid interest, first (6 days)$709.88
Prepaid interest, second (6 days)$70.27
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 11 moOf the original 30-year loan at 7.09%
Interest already paid$135,582Through Dec 2026
Assumption only · ends Nov 2053$757,057
Assumption + second · ends Nov 2053, second Jan 2057$853,120
New conventional · ends Jan 2057$946,581