Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,013/mo
Lowest payment- Down payment
- $68,492
- Funds due
- $79,136
- Interest + MI left
- $290,651
- First ends
- Jul 2053
Assumption
Assumption + second
$2,295/mo
+$282/mo- Down payment
- $33,492
- Funds due
- $45,463
- Interest + MI left
- $357,034
- First ends
- Jul 2053
New loan
New conventional
$2,350/mo
+$337/mo- Down payment
- $33,492
- Funds due
- $41,803
- Interest + MI left
- $433,484
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,508 | $261,508 | $296,508 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,730.91 | $1,730.91 | $2,008.65 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $59.30 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $2,012.91 | $2,294.52 | $2,349.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,492
Closing costs & prepaids$11,971
Usable credit−$0
Total buyer cash needed$45,463
Earnest money paid−$0
Remaining funds due$45,463
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,307.54
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)$396.00
Prepaid interest, first (9 days)$421.71
Prepaid interest, second (9 days)$77.67
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 7 moOf the original 30-year loan at 6.54%
Interest already paid$59,763Through Dec 2026
Assumption only · ends Jul 2053$290,651
Assumption + second · ends Jul 2053, second Jan 2057$357,034
New conventional · ends Jan 2057$433,484