Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,069/mo
Lowest payment- Down payment
- $54,721
- Funds due
- $65,427
- Interest + MI left
- $297,625
- First ends
- Aug 2053
Assumption
Assumption + second
$2,456/mo
+$387/mo- Down payment
- $16,721
- Funds due
- $28,788
- Interest + MI left
- $399,024
- First ends
- Aug 2053
New loan
New conventional
$2,460/mo
+$391/mo- Down payment
- $16,721
- Funds due
- $25,216
- Interest + MI left
- $458,290
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,279 | $274,279 | $312,279 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,787.20 | $1,787.20 | $2,115.49 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $62.46 |
| Taxes, insurance & HOA | $281.58 | $281.58 | $281.58 |
| Total housing payment | $2,068.78 | $2,456.00 | $2,459.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,721
Closing costs & prepaids$12,068
Usable credit−$0
Total buyer cash needed$28,788
Earnest money paid−$0
Remaining funds due$28,788
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,371.40
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)$394.75
Prepaid interest, first (9 days)$432.16
Prepaid interest, second (9 days)$111.27
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 8 moOf the original 30-year loan at 6.39%
Interest already paid$59,747Through Dec 2026
Assumption only · ends Aug 2053$297,625
Assumption + second · ends Aug 2053, second Jan 2057$399,024
New conventional · ends Jan 2057$458,290