Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,194/mo
Lowest payment- Down payment
- $73,789
- Funds due
- $85,077
- Interest + MI left
- $287,591
- First ends
- Mar 2053
Assumption
Assumption + second
$2,500/mo
+$306/mo- Down payment
- $35,789
- Funds due
- $48,411
- Interest + MI left
- $359,663
- First ends
- Mar 2053
New loan
New conventional
$2,595/mo
+$402/mo- Down payment
- $35,789
- Funds due
- $44,674
- Interest + MI left
- $459,366
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $276,211 | $276,211 | $314,211 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,789.85 | $1,789.85 | $2,128.57 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | — | — | $62.84 |
| Taxes, insurance & HOA | $404.00 | $404.00 | $404.00 |
| Total housing payment | $2,193.85 | $2,499.60 | $2,595.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,789
Closing costs & prepaids$12,622
Usable credit−$0
Total buyer cash needed$48,411
Earnest money paid−$0
Remaining funds due$48,411
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,381.06
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)$420.00
Initial HOA (3 months)$342.00
Prepaid interest, first (9 days)$427.03
Prepaid interest, second (9 days)$84.33
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 6.27%
Interest already paid$66,674Through Dec 2026
Assumption only · ends Mar 2053$287,591
Assumption + second · ends Mar 2053, second Jan 2057$359,663
New conventional · ends Jan 2057$459,366