Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,682/mo
Lowest payment- Down payment
- $48,107
- Funds due
- $60,252
- Interest + MI left
- $345,594
- First ends
- Feb 2053
Assumption
Assumption + second
$2,988/mo
+$306/mo- Down payment
- $18,107
- Funds due
- $31,589
- Interest + MI left
- $425,646
- First ends
- Feb 2053
New loan
New conventional
$2,935/mo
+$253/mo- Down payment
- $18,107
- Funds due
- $27,849
- Interest + MI left
- $487,008
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,893 | $301,893 | $331,893 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,062.06 | $2,062.06 | $2,248.36 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $66.38 |
| Taxes, insurance & HOA | $620.00 | $620.00 | $620.00 |
| Total housing payment | $2,682.06 | $2,987.76 | $2,934.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,107
Closing costs & prepaids$13,482
Usable credit−$0
Total buyer cash needed$31,589
Earnest money paid−$0
Remaining funds due$31,589
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%)$1,509.46
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)$990.00
Prepaid interest, first (9 days)$506.93
Prepaid interest, second (9 days)$87.84
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 6.81%
Interest already paid$80,767Through Dec 2026
Assumption only · ends Feb 2053$345,594
Assumption + second · ends Feb 2053, second Jan 2057$425,646
New conventional · ends Jan 2057$487,008