Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,442/mo
Lowest payment- Down payment
- $62,022
- Funds due
- $73,663
- Interest + MI left
- $355,507
- First ends
- Sep 2053
Assumption
Assumption + second
$2,643/mo
+$201/mo- Down payment
- $37,022
- Funds due
- $49,968
- Interest + MI left
- $402,923
- First ends
- Sep 2053
New loan
New conventional
$2,697/mo
+$255/mo- Down payment
- $37,022
- Funds due
- $46,040
- Interest + MI left
- $486,723
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,878 | $307,878 | $332,878 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,066.62 | $2,066.62 | $2,255.03 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $66.58 |
| Taxes, insurance & HOA | $375.00 | $375.00 | $375.00 |
| Total housing payment | $2,441.62 | $2,642.77 | $2,696.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,022
Closing costs & prepaids$12,946
Usable credit−$0
Total buyer cash needed$49,968
Earnest money paid−$0
Remaining funds due$49,968
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,539.39
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$444.00
Initial HOA (3 months)$231.00
Prepaid interest, first (9 days)$509.39
Prepaid interest, second (9 days)$55.48
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$68,537Through Dec 2026
Assumption only · ends Sep 2053$355,507
Assumption + second · ends Sep 2053, second Jan 2057$402,923
New conventional · ends Jan 2057$486,723