Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,067/mo
Lowest payment- Down payment
- $153,267
- Funds due
- $167,438
- Interest + MI left
- $379,373
- First ends
- Aug 2053
Assumption
Assumption + second
$3,823/mo
+$756/mo- Down payment
- $50,267
- Funds due
- $65,710
- Interest + MI left
- $548,453
- First ends
- Aug 2053
New loan
New conventional
$4,005/mo
+$938/mo- Down payment
- $50,267
- Funds due
- $61,444
- Interest + MI left
- $680,534
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,733 | $345,733 | $448,733 |
| Second mortgage | — | $103,000 | — |
| First P&I | $2,258.90 | $2,258.90 | $3,106.94 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $89.75 |
| Taxes, insurance & HOA | $807.83 | $807.83 | $807.83 |
| Total housing payment | $3,066.73 | $3,822.51 | $4,004.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,267
Closing costs & prepaids$15,444
Usable credit−$0
Total buyer cash needed$65,710
Earnest money paid−$0
Remaining funds due$65,710
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,728.67
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)$414.50
Initial HOA (3 months)$1,509.00
Prepaid interest, first (1 days)$60.91
Prepaid interest, second (1 days)$22.58
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$73,830Through Nov 2026
Assumption only · ends Aug 2053$379,373
Assumption + second · ends Aug 2053, second Dec 2056$548,453
New conventional · ends Dec 2056$680,534