Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,664/mo
Lowest payment- Down payment
- $110,544
- Funds due
- $122,574
- Interest + MI left
- $386,460
- First ends
- Jan 2053
Assumption
Assumption + second
$3,195/mo
+$531/mo- Down payment
- $44,544
- Funds due
- $57,840
- Interest + MI left
- $511,638
- First ends
- Jan 2053
New loan
New conventional
$3,201/mo
+$537/mo- Down payment
- $44,544
- Funds due
- $53,705
- Interest + MI left
- $599,657
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,456 | $329,456 | $395,456 |
| Second mortgage | — | $66,000 | — |
| First P&I | $2,279.99 | $2,279.99 | $2,738.06 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $79.09 |
| Taxes, insurance & HOA | $383.92 | $383.92 | $383.92 |
| Total housing payment | $2,663.90 | $3,194.95 | $3,201.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,544
Closing costs & prepaids$13,296
Usable credit−$0
Total buyer cash needed$57,840
Earnest money paid−$0
Remaining funds due$57,840
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,647.28
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)$392.75
Initial HOA (3 months)$309.00
Prepaid interest, first (1 days)$62.73
Prepaid interest, second (1 days)$16.27
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 2 moOf the original 30-year loan at 6.950%
Interest already paid$89,900Through Nov 2026
Assumption only · ends Jan 2053$386,460
Assumption + second · ends Jan 2053, second Dec 2056$511,638
New conventional · ends Dec 2056$599,657