Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,551/mo
Lowest payment- Down payment
- $131,108
- Funds due
- $143,528
- Interest + MI left
- $375,158
- First ends
- Aug 2053
Assumption
Assumption + second
$3,219/mo
+$668/mo- Down payment
- $48,108
- Funds due
- $61,799
- Interest + MI left
- $532,579
- First ends
- Aug 2053
New loan
New conventional
$3,344/mo
+$793/mo- Down payment
- $48,108
- Funds due
- $57,571
- Interest + MI left
- $644,292
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,892 | $341,892 | $424,892 |
| Second mortgage | — | $83,000 | — |
| First P&I | $2,233.80 | $2,233.80 | $2,941.87 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $84.98 |
| Taxes, insurance & HOA | $317.50 | $317.50 | $317.50 |
| Total housing payment | $2,551.30 | $3,219.14 | $3,344.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,108
Closing costs & prepaids$13,691
Usable credit−$0
Total buyer cash needed$61,799
Earnest money paid−$0
Remaining funds due$61,799
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,730.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,709.46
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)$452.50
Prepaid interest, first (1 days)$60.23
Prepaid interest, second (1 days)$20.47
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 closing26 yr 9 moOf the original 30-year loan at 6.430%
Interest already paid$73,010Through Nov 2026
Assumption only · ends Aug 2053$375,158
Assumption + second · ends Aug 2053, second Dec 2056$532,579
New conventional · ends Dec 2056$644,292