Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,305/mo
Lowest payment- Down payment
- $112,624
- Funds due
- $126,464
- Interest + MI left
- $507,837
- First ends
- Nov 2053
Assumption
Assumption + second
$3,772/mo
+$467/mo- Down payment
- $54,624
- Funds due
- $69,728
- Interest + MI left
- $617,842
- First ends
- Nov 2053
New loan
New conventional
$3,876/mo
+$571/mo- Down payment
- $54,624
- Funds due
- $65,007
- Interest + MI left
- $735,857
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $427,276 | $427,276 | $485,276 |
| Second mortgage | — | $58,000 | — |
| First P&I | $2,886.15 | $2,886.15 | $3,359.95 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | — | — | $97.06 |
| Taxes, insurance & HOA | $418.83 | $418.83 | $418.83 |
| Total housing payment | $3,304.98 | $3,771.67 | $3,875.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,624
Closing costs & prepaids$15,104
Usable credit−$0
Total buyer cash needed$69,728
Earnest money paid−$0
Remaining funds due$69,728
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,136.38
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)$756.50
Prepaid interest, first (1 days)$79.72
Prepaid interest, second (1 days)$14.30
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 closing27 yrOf the original 30-year loan at 6.810%
Interest already paid$88,918Through Nov 2026
Assumption only · ends Nov 2053$507,837
Assumption + second · ends Nov 2053, second Dec 2056$617,842
New conventional · ends Dec 2056$735,857