Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,771/mo
Lowest payment- Down payment
- $114,899
- Funds due
- $127,706
- Interest + MI left
- $408,069
- First ends
- Jul 2053
Assumption
Assumption + second
$3,294/mo
+$523/mo- Down payment
- $49,899
- Funds due
- $63,972
- Interest + MI left
- $531,351
- First ends
- Jul 2053
New loan
New conventional
$3,477/mo
+$706/mo- Down payment
- $49,899
- Funds due
- $59,540
- Interest + MI left
- $674,267
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $379,601 | $379,601 | $444,601 |
| Second mortgage | — | $65,000 | — |
| First P&I | $2,461.47 | $2,461.47 | $3,078.33 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | — | — | $88.92 |
| Taxes, insurance & HOA | $309.92 | $309.92 | $309.92 |
| Total housing payment | $2,771.38 | $3,294.39 | $3,477.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,899
Closing costs & prepaids$14,073
Usable credit−$0
Total buyer cash needed$63,972
Earnest money paid−$0
Remaining funds due$63,972
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,945.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,898.00
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)$429.75
Prepaid interest, first (1 days)$65.94
Prepaid interest, second (1 days)$16.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.340%
Interest already paid$82,059Through Nov 2026
Assumption only · ends Jul 2053$408,069
Assumption + second · ends Jul 2053, second Dec 2056$531,351
New conventional · ends Dec 2056$674,267