Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,549/mo
Lowest payment- Down payment
- $53,961
- Funds due
- $65,637
- Interest + MI left
- $391,481
- First ends
- Nov 2053
Assumption
Assumption + second
$2,906/mo
+$357/mo- Down payment
- $18,961
- Funds due
- $31,990
- Interest + MI left
- $484,875
- First ends
- Nov 2053
New loan
New conventional
$2,807/mo
+$258/mo- Down payment
- $18,961
- Funds due
- $28,145
- Interest + MI left
- $515,102
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,039 | $316,039 | $351,039 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,190.46 | $2,190.46 | $2,378.06 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $70.21 |
| Taxes, insurance & HOA | $359.00 | $359.00 | $359.00 |
| Total housing payment | $2,549.46 | $2,906.11 | $2,807.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,961
Closing costs & prepaids$13,029
Usable credit−$0
Total buyer cash needed$31,990
Earnest money paid−$0
Remaining funds due$31,990
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,580.19
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)$183.00
Prepaid interest, first (9 days)$550.95
Prepaid interest, second (9 days)$102.48
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 11 moOf the original 30-year loan at 7.07%
Interest already paid$70,156Through Dec 2026
Assumption only · ends Nov 2053$391,481
Assumption + second · ends Nov 2053, second Jan 2057$484,875
New conventional · ends Jan 2057$515,102