Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,621/mo
Lowest payment- Down payment
- $47,760
- Funds due
- $59,274
- Interest + MI left
- $347,309
- First ends
- Feb 2053
Assumption
Assumption + second
$2,927/mo
+$306/mo- Down payment
- $17,760
- Funds due
- $30,534
- Interest + MI left
- $427,361
- First ends
- Feb 2053
New loan
New conventional
$2,926/mo
+$305/mo- Down payment
- $17,760
- Funds due
- $26,803
- Interest + MI left
- $505,592
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,240 | $302,240 | $332,240 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,062.06 | $2,062.06 | $2,300.36 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $66.45 |
| Taxes, insurance & HOA | $559.42 | $559.42 | $559.42 |
| Total housing payment | $2,621.48 | $2,927.18 | $2,926.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,760
Closing costs & prepaids$12,774
Usable credit−$0
Total buyer cash needed$30,534
Earnest money paid−$0
Remaining funds due$30,534
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,511.20
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)$238.25
Initial HOA (3 months)$990.00
Prepaid interest, first (1 days)$56.39
Prepaid interest, second (1 days)$9.76
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 3 moOf the original 30-year loan at 6.810%
Interest already paid$79,052Through Nov 2026
Assumption only · ends Feb 2053$347,309
Assumption + second · ends Feb 2053, second Dec 2056$427,361
New conventional · ends Dec 2056$505,592