Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,705/mo
Lowest payment- Down payment
- $99,916
- Funds due
- $112,457
- Interest + MI left
- $384,552
- First ends
- Jan 2053
Assumption
Assumption + second
$3,163/mo
+$459/mo- Down payment
- $42,916
- Funds due
- $56,833
- Interest + MI left
- $492,660
- First ends
- Jan 2053
New loan
New conventional
$3,117/mo
+$413/mo- Down payment
- $42,916
- Funds due
- $52,709
- Interest + MI left
- $564,519
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,084 | $329,084 | $386,084 |
| Second mortgage | — | $57,000 | — |
| First P&I | $2,279.99 | $2,279.99 | $2,615.47 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | — | — | $77.22 |
| Taxes, insurance & HOA | $424.58 | $424.58 | $424.58 |
| Total housing payment | $2,704.57 | $3,163.21 | $3,117.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,916
Closing costs & prepaids$13,918
Usable credit−$0
Total buyer cash needed$56,833
Earnest money paid−$0
Remaining funds due$56,833
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,645.42
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)$514.75
Initial HOA (3 months)$309.00
Prepaid interest, first (9 days)$563.95
Prepaid interest, second (9 days)$126.49
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 1 moOf the original 30-year loan at 6.95%
Interest already paid$91,808Through Dec 2026
Assumption only · ends Jan 2053$384,552
Assumption + second · ends Jan 2053, second Jan 2057$492,660
New conventional · ends Jan 2057$564,519