Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,219/mo
Lowest payment- Down payment
- $106,839
- Funds due
- $118,214
- Interest + MI left
- $319,923
- First ends
- Sep 2053
Assumption
Assumption + second
$2,766/mo
+$547/mo- Down payment
- $38,839
- Funds due
- $51,564
- Interest + MI left
- $448,894
- First ends
- Sep 2053
New loan
New conventional
$2,766/mo
+$547/mo- Down payment
- $38,839
- Funds due
- $47,749
- Interest + MI left
- $504,536
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,061 | $277,061 | $345,061 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,859.76 | $1,859.76 | $2,337.56 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | — | — | $69.01 |
| Taxes, insurance & HOA | $359.00 | $359.00 | $359.00 |
| Total housing payment | $2,218.77 | $2,765.91 | $2,765.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,839
Closing costs & prepaids$12,726
Usable credit−$0
Total buyer cash needed$51,564
Earnest money paid−$0
Remaining funds due$51,564
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,839.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,385.31
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)$460.75
Initial HOA (3 months)$166.26
Prepaid interest, first (6 days)$305.60
Prepaid interest, second (6 days)$100.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 9 moOf the original 30-year loan at 6.71%
Interest already paid$61,677Through Dec 2026
Assumption only · ends Sep 2053$319,923
Assumption + second · ends Sep 2053, second Jan 2057$448,894
New conventional · ends Jan 2057$504,536