Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,215/mo
Lowest payment- Down payment
- $62,226
- Funds due
- $72,916
- Interest + MI left
- $319,734
- First ends
- Jun 2053
Assumption
Assumption + second
$2,433/mo
+$217/mo- Down payment
- $35,226
- Funds due
- $47,173
- Interest + MI left
- $370,944
- First ends
- Jun 2053
New loan
New conventional
$2,553/mo
+$338/mo- Down payment
- $35,226
- Funds due
- $43,345
- Interest + MI left
- $477,224
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,674 | $287,674 | $314,674 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,904.10 | $1,904.10 | $2,178.74 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $62.93 |
| Taxes, insurance & HOA | $311.17 | $311.17 | $311.17 |
| Total housing payment | $2,215.27 | $2,432.52 | $2,552.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,226
Closing costs & prepaids$11,947
Usable credit−$0
Total buyer cash needed$47,173
Earnest money paid−$0
Remaining funds due$47,173
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,438.37
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)$313.50
Initial HOA (3 months)$170.01
Prepaid interest, first (1 days)$51.54
Prepaid interest, second (1 days)$6.66
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 7 moOf the original 30-year loan at 6.540%
Interest already paid$65,743Through Nov 2026
Assumption only · ends Jun 2053$319,734
Assumption + second · ends Jun 2053, second Dec 2056$370,944
New conventional · ends Dec 2056$477,224