Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,849/mo
Lowest payment- Down payment
- $63,475
- Funds due
- $76,072
- Interest + MI left
- $419,424
- First ends
- Aug 2053
Assumption
Assumption + second
$3,256/mo
+$408/mo- Down payment
- $23,475
- Funds due
- $37,400
- Interest + MI left
- $526,160
- First ends
- Aug 2053
New loan
New conventional
$3,305/mo
+$456/mo- Down payment
- $23,475
- Funds due
- $33,209
- Interest + MI left
- $625,868
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $386,525 | $386,525 | $426,525 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,518.59 | $2,518.59 | $2,889.43 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $85.30 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $2,848.59 | $3,256.19 | $3,304.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,475
Closing costs & prepaids$13,925
Usable credit−$0
Total buyer cash needed$37,400
Earnest money paid−$0
Remaining funds due$37,400
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,932.62
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$540.00
Prepaid interest, first (6 days)$406.01
Prepaid interest, second (6 days)$78.08
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 6.39%
Interest already paid$84,198Through Dec 2026
Assumption only · ends Aug 2053$419,424
Assumption + second · ends Aug 2053, second Jan 2057$526,160
New conventional · ends Jan 2057$625,868