Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,736/mo
Lowest payment- Down payment
- $429,636
- Funds due
- $443,144
- Interest + MI left
- $242,265
- First ends
- Jul 2053
Assumption
Assumption + second
$4,344/mo
+$2,608/mo- Down payment
- $65,636
- Funds due
- $80,471
- Interest + MI left
- $817,052
- First ends
- Jul 2053
New loan
New conventional
$4,473/mo
+$2,737/mo- Down payment
- $65,636
- Funds due
- $76,648
- Interest + MI left
- $893,810
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,364 | $225,364 | $589,364 |
| Second mortgage | — | $364,000 | — |
| First P&I | $1,461.34 | $1,461.34 | $4,080.64 |
| Second P&I | — | $2,607.74 | — |
| Mortgage insurance | — | — | $117.87 |
| Taxes, insurance & HOA | $274.67 | $274.67 | $274.67 |
| Total housing payment | $1,736.01 | $4,343.75 | $4,473.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,636
Closing costs & prepaids$14,835
Usable credit−$0
Total buyer cash needed$80,471
Earnest money paid−$0
Remaining funds due$80,471
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,126.82
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)$324.00
Prepaid interest, first (1 days)$39.15
Prepaid interest, second (1 days)$77.29
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$48,717Through Nov 2026
Assumption only · ends Jul 2053$242,265
Assumption + second · ends Jul 2053, second Dec 2056$817,052
New conventional · ends Dec 2056$893,810