Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,717/mo
Lowest payment- Down payment
- $96,885
- Funds due
- $109,872
- Interest + MI left
- $383,483
- First ends
- Mar 2053
Assumption
Assumption + second
$3,120/mo
+$402/mo- Down payment
- $46,885
- Funds due
- $61,233
- Interest + MI left
- $478,315
- First ends
- Mar 2053
New loan
New conventional
$3,224/mo
+$507/mo- Down payment
- $46,885
- Funds due
- $56,962
- Interest + MI left
- $602,498
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,115 | $362,115 | $412,115 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,366.98 | $2,366.98 | $2,791.81 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $82.42 |
| Taxes, insurance & HOA | $350.25 | $350.25 | $350.25 |
| Total housing payment | $2,717.23 | $3,119.54 | $3,224.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,885
Closing costs & prepaids$14,348
Usable credit−$0
Total buyer cash needed$61,233
Earnest money paid−$0
Remaining funds due$61,233
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,810.57
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)$550.75
Prepaid interest, first (9 days)$567.88
Prepaid interest, second (9 days)$110.96
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 6.36%
Interest already paid$88,629Through Dec 2026
Assumption only · ends Mar 2053$383,483
Assumption + second · ends Mar 2053, second Jan 2057$478,315
New conventional · ends Jan 2057$602,498