Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,942/mo
Lowest payment- Down payment
- $352,411
- Funds due
- $366,062
- Interest + MI left
- $227,428
- First ends
- Mar 2053
Assumption
Assumption + second
$4,055/mo
+$2,113/mo- Down payment
- $57,411
- Funds due
- $72,875
- Interest + MI left
- $693,257
- First ends
- Mar 2053
New loan
New conventional
$4,084/mo
+$2,142/mo- Down payment
- $57,411
- Funds due
- $69,195
- Interest + MI left
- $741,752
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,366 | $212,366 | $507,366 |
| Second mortgage | — | $295,000 | — |
| First P&I | $1,396.17 | $1,396.17 | $3,437.07 |
| Second P&I | — | $2,113.42 | — |
| Mortgage insurance | — | — | $101.47 |
| Taxes, insurance & HOA | $545.58 | $545.58 | $545.58 |
| Total housing payment | $1,941.75 | $4,055.17 | $4,084.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,411
Closing costs & prepaids$15,464
Usable credit−$0
Total buyer cash needed$72,875
Earnest money paid−$0
Remaining funds due$72,875
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,647.77
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,061.83
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)$677.75
Initial HOA (3 months)$459.00
Prepaid interest, first (9 days)$336.18
Prepaid interest, second (9 days)$563.73
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 3 moOf the original 30-year loan at 6.42%
Interest already paid$52,454Through Dec 2026
Assumption only · ends Mar 2053$227,428
Assumption + second · ends Mar 2053, second Jan 2057$693,257
New conventional · ends Jan 2057$741,752