Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,607/mo
Lowest payment- Down payment
- $96,440
- Funds due
- $108,594
- Interest + MI left
- $385,405
- First ends
- Mar 2053
Assumption
Assumption + second
$3,009/mo
+$402/mo- Down payment
- $46,440
- Funds due
- $59,856
- Interest + MI left
- $480,237
- First ends
- Mar 2053
New loan
New conventional
$3,179/mo
+$572/mo- Down payment
- $46,440
- Funds due
- $55,545
- Interest + MI left
- $625,592
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,560 | $362,560 | $412,560 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,366.98 | $2,366.98 | $2,856.48 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $82.51 |
| Taxes, insurance & HOA | $240.17 | $240.17 | $240.17 |
| Total housing payment | $2,607.15 | $3,009.46 | $3,179.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,440
Closing costs & prepaids$13,417
Usable credit−$0
Total buyer cash needed$59,856
Earnest money paid−$0
Remaining funds due$59,856
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,812.80
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)$220.50
Prepaid interest, first (1 days)$63.17
Prepaid interest, second (1 days)$12.33
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 4 moOf the original 30-year loan at 6.360%
Interest already paid$86,707Through Nov 2026
Assumption only · ends Mar 2053$385,405
Assumption + second · ends Mar 2053, second Dec 2056$480,237
New conventional · ends Dec 2056$625,592