Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,270/mo
Lowest payment- Down payment
- $63,220
- Funds due
- $77,080
- Interest + MI left
- $467,671
- First ends
- Mar 2053
Assumption
Assumption + second
$3,647/mo
+$377/mo- Down payment
- $26,220
- Funds due
- $41,402
- Interest + MI left
- $566,401
- First ends
- Mar 2053
New loan
New conventional
$3,737/mo
+$467/mo- Down payment
- $26,220
- Funds due
- $36,903
- Interest + MI left
- $708,415
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $445,780 | $445,780 | $482,780 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,899.84 | $2,899.84 | $3,270.52 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $96.56 |
| Taxes, insurance & HOA | $370.25 | $370.25 | $370.25 |
| Total housing payment | $3,270.09 | $3,647.12 | $3,737.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,220
Closing costs & prepaids$15,182
Usable credit−$0
Total buyer cash needed$41,402
Earnest money paid−$0
Remaining funds due$41,402
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,228.90
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)$610.75
Prepaid interest, first (6 days)$462.39
Prepaid interest, second (6 days)$72.23
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 3 moOf the original 30-year loan at 6.31%
Interest already paid$108,273Through Dec 2026
Assumption only · ends Mar 2053$467,671
Assumption + second · ends Mar 2053, second Jan 2057$566,401
New conventional · ends Jan 2057$708,415