Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,709/mo
Lowest payment- Down payment
- $87,596
- Funds due
- $101,961
- Interest + MI left
- $600,131
- First ends
- Aug 2053
Assumption
Assumption + second
$3,943/mo
+$233/mo- Down payment
- $58,596
- Funds due
- $74,226
- Interest + MI left
- $655,134
- First ends
- Aug 2053
New loan
New conventional
$4,040/mo
+$331/mo- Down payment
- $58,596
- Funds due
- $69,119
- Interest + MI left
- $798,327
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $497,404 | $497,404 | $526,404 |
| Second mortgage | — | $29,000 | — |
| First P&I | $3,419.11 | $3,419.11 | $3,644.71 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $105.28 |
| Taxes, insurance & HOA | $290.08 | $290.08 | $290.08 |
| Total housing payment | $3,709.19 | $3,942.53 | $4,040.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,596
Closing costs & prepaids$15,629
Usable credit−$0
Total buyer cash needed$74,226
Earnest money paid−$0
Remaining funds due$74,226
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,487.02
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)$370.25
Prepaid interest, first (2 days)$189.69
Prepaid interest, second (2 days)$14.30
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 6.960%
Interest already paid$114,749Through Nov 2026
Assumption only · ends Aug 2053$600,131
Assumption + second · ends Aug 2053, second Dec 2056$655,134
New conventional · ends Dec 2056$798,327