Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,827/mo
Lowest payment- Down payment
- $45,320
- Funds due
- $57,999
- Interest + MI left
- $374,675
- First ends
- Jul 2053
Assumption
Assumption + second
$3,082/mo
+$255/mo- Down payment
- $20,320
- Funds due
- $34,322
- Interest + MI left
- $441,385
- First ends
- Jul 2053
New loan
New conventional
$3,167/mo
+$341/mo- Down payment
- $20,320
- Funds due
- $30,373
- Interest + MI left
- $549,059
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,180 | $349,180 | $374,180 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,269.14 | $2,269.14 | $2,534.83 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $74.84 |
| Taxes, insurance & HOA | $557.83 | $557.83 | $557.83 |
| Total housing payment | $2,826.97 | $3,081.72 | $3,167.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,320
Closing costs & prepaids$14,002
Usable credit−$0
Total buyer cash needed$34,322
Earnest money paid−$0
Remaining funds due$34,322
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,945.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,745.90
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)$473.50
Initial HOA (3 months)$750.00
Prepaid interest, first (9 days)$546.73
Prepaid interest, second (9 days)$73.20
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 6.35%
Interest already paid$77,540Through Dec 2026
Assumption only · ends Jul 2053$374,675
Assumption + second · ends Jul 2053, second Jan 2057$441,385
New conventional · ends Jan 2057$549,059