Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,190/mo
Lowest payment- Down payment
- $201,965
- Funds due
- $216,783
- Interest + MI left
- $433,647
- First ends
- Jun 2053
Assumption
Assumption + second
$4,232/mo
+$1,042/mo- Down payment
- $59,965
- Funds due
- $76,095
- Interest + MI left
- $666,747
- First ends
- Jun 2053
New loan
New conventional
$4,410/mo
+$1,220/mo- Down payment
- $59,965
- Funds due
- $71,502
- Interest + MI left
- $811,417
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,035 | $393,035 | $535,035 |
| Second mortgage | — | $142,000 | — |
| First P&I | $2,591.48 | $2,591.48 | $3,704.47 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | — | — | $107.01 |
| Taxes, insurance & HOA | $598.25 | $598.25 | $598.25 |
| Total housing payment | $3,189.73 | $4,231.67 | $4,409.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,965
Closing costs & prepaids$16,130
Usable credit−$0
Total buyer cash needed$76,095
Earnest money paid−$0
Remaining funds due$76,095
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,965.18
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)$1,294.75
Prepaid interest, first (2 days)$139.99
Prepaid interest, second (2 days)$62.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 6.500%
Interest already paid$89,286Through Nov 2026
Assumption only · ends Jun 2053$433,647
Assumption + second · ends Jun 2053, second Dec 2056$666,747
New conventional · ends Dec 2056$811,417