Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,559/mo
Lowest payment- Down payment
- $73,992
- Funds due
- $86,059
- Interest + MI left
- $358,177
- First ends
- Feb 2053
Assumption
Assumption + second
$2,824/mo
+$266/mo- Down payment
- $40,992
- Funds due
- $54,382
- Interest + MI left
- $420,766
- First ends
- Feb 2053
New loan
New conventional
$2,884/mo
+$325/mo- Down payment
- $40,992
- Funds due
- $50,333
- Interest + MI left
- $524,857
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,008 | $326,008 | $359,008 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,178.93 | $2,178.93 | $2,432.05 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $71.80 |
| Taxes, insurance & HOA | $380.00 | $380.00 | $380.00 |
| Total housing payment | $2,558.93 | $2,824.46 | $2,883.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,992
Closing costs & prepaids$13,390
Usable credit−$0
Total buyer cash needed$54,382
Earnest money paid−$0
Remaining funds due$54,382
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,630.04
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)$480.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$528.94
Prepaid interest, second (9 days)$73.23
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 2 moOf the original 30-year loan at 6.58%
Interest already paid$84,359Through Dec 2026
Assumption only · ends Feb 2053$358,177
Assumption + second · ends Feb 2053, second Jan 2057$420,766
New conventional · ends Jan 2057$524,857