Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,160/mo
Lowest payment- Down payment
- $110,920
- Funds due
- $125,195
- Interest + MI left
- $425,023
- First ends
- Sep 2053
Assumption
Assumption + second
$3,667/mo
+$507/mo- Down payment
- $47,920
- Funds due
- $63,585
- Interest + MI left
- $544,511
- First ends
- Sep 2053
New loan
New conventional
$3,696/mo
+$536/mo- Down payment
- $47,920
- Funds due
- $59,237
- Interest + MI left
- $630,310
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $368,080 | $368,080 | $431,080 |
| Second mortgage | — | $63,000 | — |
| First P&I | $2,470.73 | $2,470.73 | $2,920.29 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | — | — | $86.22 |
| Taxes, insurance & HOA | $689.25 | $689.25 | $689.25 |
| Total housing payment | $3,159.98 | $3,666.89 | $3,695.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,920
Closing costs & prepaids$15,665
Usable credit−$0
Total buyer cash needed$63,585
Earnest money paid−$0
Remaining funds due$63,585
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,840.40
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)$574.75
Initial HOA (3 months)$993.00
Prepaid interest, first (9 days)$609.00
Prepaid interest, second (9 days)$139.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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$81,939Through Dec 2026
Assumption only · ends Sep 2053$425,023
Assumption + second · ends Sep 2053, second Jan 2057$544,511
New conventional · ends Jan 2057$630,310