Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,104/mo
Lowest payment- Down payment
- $166,546
- Funds due
- $178,426
- Interest + MI left
- $286,890
- First ends
- Sep 2053
Assumption
Assumption + second
$3,021/mo
+$917/mo- Down payment
- $41,546
- Funds due
- $54,922
- Interest + MI left
- $492,084
- First ends
- Sep 2053
New loan
New conventional
$3,041/mo
+$937/mo- Down payment
- $41,546
- Funds due
- $51,225
- Interest + MI left
- $546,052
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,454 | $248,454 | $373,454 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,667.74 | $1,667.74 | $2,529.91 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | — | — | $74.69 |
| Taxes, insurance & HOA | $436.00 | $436.00 | $436.00 |
| Total housing payment | $2,103.74 | $3,020.94 | $3,040.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,546
Closing costs & prepaids$13,376
Usable credit−$0
Total buyer cash needed$54,922
Earnest money paid−$0
Remaining funds due$54,922
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,242.27
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)$498.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$411.07
Prepaid interest, second (9 days)$246.58
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 9 moOf the original 30-year loan at 6.71%
Interest already paid$55,308Through Dec 2026
Assumption only · ends Sep 2053$286,890
Assumption + second · ends Sep 2053, second Jan 2057$492,084
New conventional · ends Jan 2057$546,052