Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,683/mo
Lowest payment- Down payment
- $190,454
- Funds due
- $206,488
- Interest + MI left
- $471,247
- First ends
- Aug 2053
Assumption
Assumption + second
$4,629/mo
+$947/mo- Down payment
- $61,454
- Funds due
- $78,794
- Interest + MI left
- $683,007
- First ends
- Aug 2053
New loan
New conventional
$4,811/mo
+$1,129/mo- Down payment
- $61,454
- Funds due
- $74,058
- Interest + MI left
- $830,390
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $418,546 | $418,546 | $547,546 |
| Second mortgage | — | $129,000 | — |
| First P&I | $2,771.94 | $2,771.94 | $3,791.10 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | — | — | $109.51 |
| Taxes, insurance & HOA | $910.67 | $910.67 | $910.67 |
| Total housing payment | $3,682.61 | $4,629.16 | $4,811.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,454
Closing costs & prepaids$17,340
Usable credit−$0
Total buyer cash needed$78,794
Earnest money paid−$0
Remaining funds due$78,794
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,092.73
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)$2,232.00
Prepaid interest, first (2 days)$150.68
Prepaid interest, second (2 days)$56.55
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 9 moOf the original 30-year loan at 6.570%
Interest already paid$91,276Through Nov 2026
Assumption only · ends Aug 2053$471,247
Assumption + second · ends Aug 2053, second Dec 2056$683,007
New conventional · ends Dec 2056$830,390