Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,976/mo
Lowest payment- Down payment
- $135,209
- Funds due
- $149,304
- Interest + MI left
- $408,932
- First ends
- Mar 2053
Assumption
Assumption + second
$3,636/mo
+$660/mo- Down payment
- $53,209
- Funds due
- $68,736
- Interest + MI left
- $564,457
- First ends
- Mar 2053
New loan
New conventional
$3,731/mo
+$755/mo- Down payment
- $53,209
- Funds due
- $64,259
- Interest + MI left
- $689,836
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,791 | $389,791 | $471,791 |
| Second mortgage | — | $82,000 | — |
| First P&I | $2,535.63 | $2,535.63 | $3,196.08 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | — | — | $94.36 |
| Taxes, insurance & HOA | $440.67 | $440.67 | $440.67 |
| Total housing payment | $2,976.30 | $3,636.09 | $3,731.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,209
Closing costs & prepaids$15,527
Usable credit−$0
Total buyer cash needed$68,736
Earnest money paid−$0
Remaining funds due$68,736
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,948.96
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)$630.00
Initial HOA (3 months)$192.00
Prepaid interest, first (9 days)$606.47
Prepaid interest, second (9 days)$181.97
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 6.31%
Interest already paid$94,674Through Dec 2026
Assumption only · ends Mar 2053$408,932
Assumption + second · ends Mar 2053, second Jan 2057$564,457
New conventional · ends Jan 2057$689,836