Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,407/mo
Lowest payment- Down payment
- $53,635
- Funds due
- $64,395
- Interest + MI left
- $393,345
- First ends
- Nov 2053
Assumption
Assumption + second
$2,763/mo
+$357/mo- Down payment
- $18,635
- Funds due
- $30,656
- Interest + MI left
- $486,739
- First ends
- Nov 2053
New loan
New conventional
$2,719/mo
+$313/mo- Down payment
- $18,635
- Funds due
- $26,844
- Interest + MI left
- $534,766
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,365 | $316,365 | $351,365 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,190.46 | $2,190.46 | $2,432.78 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $70.27 |
| Taxes, insurance & HOA | $216.33 | $216.33 | $216.33 |
| Total housing payment | $2,406.80 | $2,763.45 | $2,719.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,635
Closing costs & prepaids$12,021
Usable credit−$0
Total buyer cash needed$30,656
Earnest money paid−$0
Remaining funds due$30,656
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,581.83
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$16.00
Initial HOA (3 months)$183.00
Prepaid interest, first (1 days)$61.28
Prepaid interest, second (1 days)$11.39
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 7.070%
Interest already paid$68,292Through Nov 2026
Assumption only · ends Nov 2053$393,345
Assumption + second · ends Nov 2053, second Dec 2056$486,739
New conventional · ends Dec 2056$534,766