Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,576/mo
Lowest payment- Down payment
- $83,223
- Funds due
- $98,111
- Interest + MI left
- $537,435
- First ends
- Jun 2053
Assumption
Assumption + second
$3,794/mo
+$217/mo- Down payment
- $56,223
- Funds due
- $72,421
- Interest + MI left
- $588,644
- First ends
- Jun 2053
New loan
New conventional
$3,897/mo
+$320/mo- Down payment
- $56,223
- Funds due
- $67,487
- Interest + MI left
- $735,143
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $475,777 | $475,777 | $502,777 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,186.20 | $3,186.20 | $3,405.99 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $100.56 |
| Taxes, insurance & HOA | $390.25 | $390.25 | $390.25 |
| Total housing payment | $3,576.45 | $3,793.70 | $3,896.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,223
Closing costs & prepaids$16,198
Usable credit−$0
Total buyer cash needed$72,421
Earnest money paid−$0
Remaining funds due$72,421
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,378.88
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)$670.75
Prepaid interest, first (9 days)$780.14
Prepaid interest, second (9 days)$59.92
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 6 moOf the original 30-year loan at 6.65%
Interest already paid$113,277Through Dec 2026
Assumption only · ends Jun 2053$537,435
Assumption + second · ends Jun 2053, second Jan 2057$588,644
New conventional · ends Jan 2057$735,143