Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,474/mo
Lowest payment- Down payment
- $108,066
- Funds due
- $120,344
- Interest + MI left
- $336,543
- First ends
- Jun 2053
Assumption
Assumption + second
$3,005/mo
+$531/mo- Down payment
- $42,066
- Funds due
- $55,740
- Interest + MI left
- $461,721
- First ends
- Jun 2053
New loan
New conventional
$3,040/mo
+$566/mo- Down payment
- $42,066
- Funds due
- $51,775
- Interest + MI left
- $540,831
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,934 | $303,934 | $369,934 |
| Second mortgage | — | $66,000 | — |
| First P&I | $2,014.08 | $2,014.08 | $2,506.06 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $73.99 |
| Taxes, insurance & HOA | $459.83 | $459.83 | $459.83 |
| Total housing payment | $2,473.91 | $3,004.96 | $3,039.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,066
Closing costs & prepaids$13,674
Usable credit−$0
Total buyer cash needed$55,740
Earnest money paid−$0
Remaining funds due$55,740
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,120.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,519.67
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)$494.50
Initial HOA (3 months)$435.00
Prepaid interest, first (9 days)$490.12
Prepaid interest, second (9 days)$146.47
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$71,198Through Dec 2026
Assumption only · ends Jun 2053$336,543
Assumption + second · ends Jun 2053, second Jan 2057$461,721
New conventional · ends Jan 2057$540,831