Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,403/mo
Lowest payment- Down payment
- $57,390
- Funds due
- $68,321
- Interest + MI left
- $375,979
- First ends
- Oct 2053
Assumption
Assumption + second
$2,790/mo
+$387/mo- Down payment
- $19,390
- Funds due
- $31,583
- Interest + MI left
- $477,378
- First ends
- Oct 2053
New loan
New conventional
$2,788/mo
+$386/mo- Down payment
- $19,390
- Funds due
- $27,760
- Interest + MI left
- $541,003
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,510 | $317,510 | $355,510 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,147.03 | $2,147.03 | $2,461.48 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $71.10 |
| Taxes, insurance & HOA | $255.83 | $255.83 | $255.83 |
| Total housing payment | $2,402.86 | $2,790.08 | $2,788.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,390
Closing costs & prepaids$12,194
Usable credit−$0
Total buyer cash needed$31,583
Earnest money paid−$0
Remaining funds due$31,583
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,587.55
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)$317.50
Prepaid interest, first (1 days)$59.24
Prepaid interest, second (1 days)$12.36
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 11 moOf the original 30-year loan at 6.810%
Interest already paid$67,950Through Nov 2026
Assumption only · ends Oct 2053$375,979
Assumption + second · ends Oct 2053, second Dec 2056$477,378
New conventional · ends Dec 2056$541,003