Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,191/mo
Lowest payment- Down payment
- $139,937
- Funds due
- $153,392
- Interest + MI left
- $264,290
- First ends
- May 2045
Assumption
Assumption + second
$3,907/mo
+$716/mo- Down payment
- $50,937
- Funds due
- $65,840
- Interest + MI left
- $433,091
- First ends
- May 2045
New loan
New conventional
$3,498/mo
+$307/mo- Down payment
- $50,937
- Funds due
- $61,496
- Interest + MI left
- $656,368
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,963 | $359,963 | $448,963 |
| Second mortgage | — | $89,000 | — |
| First P&I | $2,824.67 | $2,824.67 | $3,041.43 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $89.79 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $3,191.34 | $3,907.45 | $3,497.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,937
Closing costs & prepaids$14,903
Usable credit−$0
Total buyer cash needed$65,840
Earnest money paid−$0
Remaining funds due$65,840
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,799.81
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)$600.00
Prepaid interest, first (9 days)$588.47
Prepaid interest, second (9 days)$197.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing18 yr 5 moOf the original 20-year loan at 6.63%
Interest already paid$38,632Through Dec 2026
Assumption only · ends May 2045$264,290
Assumption + second · ends May 2045, second Jan 2057$433,091
New conventional · ends Jan 2057$656,368