Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,091/mo
Lowest payment- Down payment
- $184,600
- Funds due
- $199,508
- Interest + MI left
- $438,189
- First ends
- Jun 2053
Assumption
Assumption + second
$4,001/mo
+$910/mo- Down payment
- $60,600
- Funds due
- $77,002
- Interest + MI left
- $641,741
- First ends
- Jun 2053
New loan
New conventional
$4,168/mo
+$1,078/mo- Down payment
- $60,600
- Funds due
- $72,343
- Interest + MI left
- $788,619
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $415,350 | $415,350 | $539,350 |
| Second mortgage | — | $124,000 | — |
| First P&I | $2,684.08 | $2,684.08 | $3,653.74 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | — | — | $107.87 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $3,090.75 | $4,000.62 | $4,168.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,600
Closing costs & prepaids$16,402
Usable credit−$0
Total buyer cash needed$77,002
Earnest money paid−$0
Remaining funds due$77,002
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,076.75
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)$720.00
Prepaid interest, first (9 days)$643.17
Prepaid interest, second (9 days)$244.60
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 6.28%
Interest already paid$93,531Through Dec 2026
Assumption only · ends Jun 2053$438,189
Assumption + second · ends Jun 2053, second Jan 2057$641,741
New conventional · ends Jan 2057$788,619