Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,603/mo
Lowest payment- Down payment
- $80,299
- Funds due
- $92,631
- Interest + MI left
- $377,945
- First ends
- Jul 2053
Assumption
Assumption + second
$2,900/mo
+$298/mo- Down payment
- $43,299
- Funds due
- $56,963
- Interest + MI left
- $448,121
- First ends
- Jul 2053
New loan
New conventional
$3,018/mo
+$416/mo- Down payment
- $43,299
- Funds due
- $52,790
- Interest + MI left
- $565,275
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,601 | $349,601 | $386,601 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,280.71 | $2,280.71 | $2,618.97 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $77.32 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $2,602.71 | $2,900.42 | $3,018.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,299
Closing costs & prepaids$13,664
Usable credit−$0
Total buyer cash needed$56,963
Earnest money paid−$0
Remaining funds due$56,963
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,748.00
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)$516.00
Prepaid interest, first (9 days)$550.84
Prepaid interest, second (9 days)$82.11
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 7 moOf the original 30-year loan at 6.39%
Interest already paid$78,110Through Dec 2026
Assumption only · ends Jul 2053$377,945
Assumption + second · ends Jul 2053, second Jan 2057$448,121
New conventional · ends Jan 2057$565,275