Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,329/mo
Lowest payment- Down payment
- $312,425
- Funds due
- $326,716
- Interest + MI left
- $246,299
- First ends
- Mar 2053
Assumption
Assumption + second
$4,170/mo
+$1,841/mo- Down payment
- $55,425
- Funds due
- $71,348
- Interest + MI left
- $652,124
- First ends
- Mar 2053
New loan
New conventional
$4,223/mo
+$1,894/mo- Down payment
- $55,425
- Funds due
- $67,596
- Interest + MI left
- $715,742
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,575 | $232,575 | $489,575 |
| Second mortgage | — | $257,000 | — |
| First P&I | $1,520.24 | $1,520.24 | $3,316.55 |
| Second P&I | — | $1,841.18 | — |
| Mortgage insurance | — | — | $97.92 |
| Taxes, insurance & HOA | $808.67 | $808.67 | $808.67 |
| Total housing payment | $2,328.90 | $4,170.08 | $4,223.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,425
Closing costs & prepaids$15,923
Usable credit−$0
Total buyer cash needed$71,348
Earnest money paid−$0
Remaining funds due$71,348
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,162.88
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)$654.00
Initial HOA (3 months)$1,272.00
Prepaid interest, first (7 days)$283.68
Prepaid interest, second (7 days)$381.98
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3 moOf the original 30-year loan at 6.36%
Interest already paid$56,924Through Dec 2026
Assumption only · ends Mar 2053$246,299
Assumption + second · ends Mar 2053, second Jan 2057$652,124
New conventional · ends Jan 2057$715,742