Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,595/mo
Lowest payment- Down payment
- $112,711
- Funds due
- $124,967
- Interest + MI left
- $338,201
- First ends
- Jun 2053
Assumption
Assumption + second
$3,166/mo
+$571/mo- Down payment
- $41,711
- Funds due
- $55,234
- Interest + MI left
- $472,863
- First ends
- Jun 2053
New loan
New conventional
$3,254/mo
+$659/mo- Down payment
- $41,711
- Funds due
- $51,257
- Interest + MI left
- $569,151
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,289 | $304,289 | $375,289 |
| Second mortgage | — | $71,000 | — |
| First P&I | $2,014.08 | $2,014.08 | $2,598.43 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | — | — | $75.06 |
| Taxes, insurance & HOA | $580.75 | $580.75 | $580.75 |
| Total housing payment | $2,594.83 | $3,166.11 | $3,254.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,711
Closing costs & prepaids$13,524
Usable credit−$0
Total buyer cash needed$55,234
Earnest money paid−$0
Remaining funds due$55,234
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,170.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,521.45
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)$857.25
Initial HOA (3 months)$435.00
Prepaid interest, first (1 days)$54.52
Prepaid interest, second (1 days)$17.51
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$69,540Through Nov 2026
Assumption only · ends Jun 2053$338,201
Assumption + second · ends Jun 2053, second Dec 2056$472,863
New conventional · ends Dec 2056$569,151