Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,529/mo
Lowest payment- Down payment
- $174,229
- Funds due
- $189,743
- Interest + MI left
- $484,381
- First ends
- Jul 2053
Assumption
Assumption + second
$4,366/mo
+$836/mo- Down payment
- $60,229
- Funds due
- $77,118
- Interest + MI left
- $671,518
- First ends
- Jul 2053
New loan
New conventional
$4,440/mo
+$911/mo- Down payment
- $60,229
- Funds due
- $72,361
- Interest + MI left
- $789,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $425,671 | $425,671 | $539,671 |
| Second mortgage | — | $114,000 | — |
| First P&I | $2,852.83 | $2,852.83 | $3,655.92 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | — | — | $107.93 |
| Taxes, insurance & HOA | $676.58 | $676.58 | $676.58 |
| Total housing payment | $3,529.41 | $4,365.90 | $4,440.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,229
Closing costs & prepaids$16,889
Usable credit−$0
Total buyer cash needed$77,118
Earnest money paid−$0
Remaining funds due$77,118
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,128.35
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)$1,529.75
Prepaid interest, first (5 days)$388.93
Prepaid interest, second (5 days)$124.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6.67%
Interest already paid$99,162Through Dec 2026
Assumption only · ends Jul 2053$484,381
Assumption + second · ends Jul 2053, second Jan 2057$671,518
New conventional · ends Jan 2057$789,088