Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,770/mo
Lowest payment- Down payment
- $44,901
- Funds due
- $56,926
- Interest + MI left
- $376,525
- First ends
- Jul 2053
Assumption
Assumption + second
$3,025/mo
+$255/mo- Down payment
- $19,901
- Funds due
- $33,184
- Interest + MI left
- $443,235
- First ends
- Jul 2053
New loan
New conventional
$3,170/mo
+$399/mo- Down payment
- $19,901
- Funds due
- $29,201
- Interest + MI left
- $570,127
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,599 | $349,599 | $374,599 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,269.14 | $2,269.14 | $2,593.65 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $74.92 |
| Taxes, insurance & HOA | $501.17 | $501.17 | $501.17 |
| Total housing payment | $2,770.30 | $3,025.05 | $3,169.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,901
Closing costs & prepaids$13,283
Usable credit−$0
Total buyer cash needed$33,184
Earnest money paid−$0
Remaining funds due$33,184
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,945.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,748.00
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)$303.50
Initial HOA (3 months)$750.00
Prepaid interest, first (1 days)$60.82
Prepaid interest, second (1 days)$8.13
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 8 moOf the original 30-year loan at 6.350%
Interest already paid$75,690Through Nov 2026
Assumption only · ends Jul 2053$376,525
Assumption + second · ends Jul 2053, second Dec 2056$443,235
New conventional · ends Dec 2056$570,127