Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,100/mo
Lowest payment- Down payment
- $106,712
- Funds due
- $119,862
- Interest + MI left
- $490,795
- First ends
- Dec 2053
Assumption
Assumption + second
$3,551/mo
+$451/mo- Down payment
- $50,712
- Funds due
- $65,126
- Interest + MI left
- $597,007
- First ends
- Dec 2053
New loan
New conventional
$3,581/mo
+$480/mo- Down payment
- $50,712
- Funds due
- $60,611
- Interest + MI left
- $681,278
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,283 | $393,283 | $449,283 |
| Second mortgage | — | $56,000 | — |
| First P&I | $2,720.24 | $2,720.24 | $3,110.74 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | — | — | $89.86 |
| Taxes, insurance & HOA | $380.00 | $380.00 | $380.00 |
| Total housing payment | $3,100.24 | $3,550.83 | $3,580.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,712
Closing costs & prepaids$14,414
Usable credit−$0
Total buyer cash needed$65,126
Earnest money paid−$0
Remaining funds due$65,126
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,966.42
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)$436.00
Initial HOA (3 months)$204.00
Prepaid interest, first (1 days)$76.18
Prepaid interest, second (1 days)$13.81
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 closing27 yr 1 moOf the original 30-year loan at 7.070%
Interest already paid$82,492Through Nov 2026
Assumption only · ends Dec 2053$490,795
Assumption + second · ends Dec 2053, second Dec 2056$597,007
New conventional · ends Dec 2056$681,278