Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,217/mo
Lowest payment- Down payment
- $80,503
- Funds due
- $99,324
- Interest + MI left
- $752,772
- First ends
- Sep 2053
Assumption
Assumption + second
$5,665/mo
+$448/mo- Down payment
- $36,503
- Funds due
- $56,588
- Interest + MI left
- $870,182
- First ends
- Sep 2053
New loan
New conventional
$5,802/mo
+$585/mo- Down payment
- $36,503
- Funds due
- $50,939
- Interest + MI left
- $1,055,480
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $649,497 | $649,497 | $693,497 |
| Second mortgage | — | $44,000 | — |
| First P&I | $4,354.87 | $4,354.87 | $4,801.63 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | — | — | $138.70 |
| Taxes, insurance & HOA | $861.92 | $861.92 | $861.92 |
| Total housing payment | $5,216.79 | $5,665.15 | $5,802.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,503
Closing costs & prepaids$20,085
Usable credit−$0
Total buyer cash needed$56,588
Earnest money paid−$0
Remaining funds due$56,588
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,247.49
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,935.75
Prepaid interest, first (1 days)$119.40
Prepaid interest, second (1 days)$14.32
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$140,792Through Nov 2026
Assumption only · ends Sep 2053$752,772
Assumption + second · ends Sep 2053, second Dec 2056$870,182
New conventional · ends Dec 2056$1,055,480