Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,328/mo
Lowest payment- Down payment
- $103,731
- Funds due
- $117,856
- Interest + MI left
- $487,974
- First ends
- Feb 2053
Assumption
Assumption + second
$3,730/mo
+$402/mo- Down payment
- $53,731
- Funds due
- $69,180
- Interest + MI left
- $582,806
- First ends
- Feb 2053
New loan
New conventional
$3,738/mo
+$410/mo- Down payment
- $53,731
- Funds due
- $64,479
- Interest + MI left
- $696,384
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $426,269 | $426,269 | $476,269 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,911.60 | $2,911.60 | $3,226.41 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $95.25 |
| Taxes, insurance & HOA | $416.17 | $416.17 | $416.17 |
| Total housing payment | $3,327.77 | $3,730.08 | $3,737.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,731
Closing costs & prepaids$15,449
Usable credit−$0
Total buyer cash needed$69,180
Earnest money paid−$0
Remaining funds due$69,180
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,131.35
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)$636.00
Initial HOA (3 months)$112.50
Prepaid interest, first (6 days)$477.19
Prepaid interest, second (6 days)$73.97
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 2 moOf the original 30-year loan at 6.81%
Interest already paid$114,043Through Dec 2026
Assumption only · ends Feb 2053$487,974
Assumption + second · ends Feb 2053, second Jan 2057$582,806
New conventional · ends Jan 2057$696,384