Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,101/mo
Lowest payment- Down payment
- $379,876
- Funds due
- $397,213
- Interest + MI left
- $396,231
- First ends
- Jul 2053
Assumption
Assumption + second
$5,286/mo
+$2,185/mo- Down payment
- $74,876
- Funds due
- $93,852
- Interest + MI left
- $877,852
- First ends
- Jul 2053
New loan
New conventional
$5,365/mo
+$2,264/mo- Down payment
- $74,876
- Funds due
- $89,276
- Interest + MI left
- $971,059
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,124 | $359,124 | $664,124 |
| Second mortgage | — | $305,000 | — |
| First P&I | $2,367.88 | $2,367.88 | $4,499.01 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | — | — | $132.82 |
| Taxes, insurance & HOA | $733.25 | $733.25 | $733.25 |
| Total housing payment | $3,101.13 | $5,286.19 | $5,365.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,876
Closing costs & prepaids$18,976
Usable credit−$0
Total buyer cash needed$93,852
Earnest money paid−$0
Remaining funds due$93,852
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,795.62
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$886.75
Initial HOA (3 months)$663.00
Prepaid interest, first (6 days)$383.72
Prepaid interest, second (6 days)$388.56
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 7 moOf the original 30-year loan at 6.5%
Interest already paid$81,582Through Dec 2026
Assumption only · ends Jul 2053$396,231
Assumption + second · ends Jul 2053, second Jan 2057$877,852
New conventional · ends Jan 2057$971,059