Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,271/mo
Lowest payment- Down payment
- $105,652
- Funds due
- $119,594
- Interest + MI left
- $456,401
- First ends
- Mar 2053
Assumption
Assumption + second
$3,689/mo
+$418/mo- Down payment
- $53,652
- Funds due
- $68,857
- Interest + MI left
- $555,026
- First ends
- Mar 2053
New loan
New conventional
$3,897/mo
+$626/mo- Down payment
- $53,652
- Funds due
- $64,141
- Interest + MI left
- $729,997
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $429,348 | $429,348 | $481,348 |
| Second mortgage | — | $52,000 | — |
| First P&I | $2,803.00 | $2,803.00 | $3,332.76 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | — | — | $96.27 |
| Taxes, insurance & HOA | $467.50 | $467.50 | $467.50 |
| Total housing payment | $3,270.50 | $3,688.91 | $3,896.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,652
Closing costs & prepaids$15,205
Usable credit−$0
Total buyer cash needed$68,857
Earnest money paid−$0
Remaining funds due$68,857
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,146.74
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)$902.50
Prepaid interest, first (1 days)$74.81
Prepaid interest, second (1 days)$12.82
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 4 moOf the original 30-year loan at 6.360%
Interest already paid$102,680Through Nov 2026
Assumption only · ends Mar 2053$456,401
Assumption + second · ends Mar 2053, second Dec 2056$555,026
New conventional · ends Dec 2056$729,997