Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,107/mo
Lowest payment- Down payment
- $95,877
- Funds due
- $112,223
- Interest + MI left
- $636,438
- First ends
- Oct 2053
Assumption
Assumption + second
$4,356/mo
+$249/mo- Down payment
- $64,877
- Funds due
- $82,542
- Interest + MI left
- $695,234
- First ends
- Oct 2053
New loan
New conventional
$4,471/mo
+$364/mo- Down payment
- $64,877
- Funds due
- $77,154
- Interest + MI left
- $848,236
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $549,123 | $549,123 | $580,123 |
| Second mortgage | — | $31,000 | — |
| First P&I | $3,681.87 | $3,681.87 | $3,929.96 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $116.02 |
| Taxes, insurance & HOA | $424.67 | $424.67 | $424.67 |
| Total housing payment | $4,106.53 | $4,355.97 | $4,470.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,877
Closing costs & prepaids$17,665
Usable credit−$0
Total buyer cash needed$82,542
Earnest money paid−$0
Remaining funds due$82,542
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,745.62
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)$774.00
Prepaid interest, first (9 days)$908.54
Prepaid interest, second (9 days)$68.79
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 10 moOf the original 30-year loan at 6.71%
Interest already paid$119,034Through Dec 2026
Assumption only · ends Oct 2053$636,438
Assumption + second · ends Oct 2053, second Jan 2057$695,234
New conventional · ends Jan 2057$848,236