Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,251/mo
Lowest payment- Down payment
- $62,562
- Funds due
- $73,769
- Interest + MI left
- $318,167
- First ends
- Jun 2053
Assumption
Assumption + second
$2,468/mo
+$217/mo- Down payment
- $35,562
- Funds due
- $48,079
- Interest + MI left
- $369,376
- First ends
- Jun 2053
New loan
New conventional
$2,539/mo
+$288/mo- Down payment
- $35,562
- Funds due
- $44,277
- Interest + MI left
- $459,551
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,338 | $287,338 | $314,338 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,904.10 | $1,904.10 | $2,129.44 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $62.87 |
| Taxes, insurance & HOA | $346.67 | $346.67 | $346.67 |
| Total housing payment | $2,250.77 | $2,468.02 | $2,538.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,562
Closing costs & prepaids$12,517
Usable credit−$0
Total buyer cash needed$48,079
Earnest money paid−$0
Remaining funds due$48,079
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,436.69
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)$170.01
Prepaid interest, first (9 days)$463.36
Prepaid interest, second (9 days)$59.92
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 6 moOf the original 30-year loan at 6.54%
Interest already paid$67,310Through Dec 2026
Assumption only · ends Jun 2053$318,167
Assumption + second · ends Jun 2053, second Jan 2057$369,376
New conventional · ends Jan 2057$459,551