Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,766/mo
Lowest payment- Down payment
- $53,328
- Funds due
- $65,855
- Interest + MI left
- $382,302
- First ends
- Apr 2053
Assumption
Assumption + second
$3,092/mo
+$326/mo- Down payment
- $21,328
- Funds due
- $35,198
- Interest + MI left
- $467,691
- First ends
- Apr 2053
New loan
New conventional
$3,158/mo
+$391/mo- Down payment
- $21,328
- Funds due
- $31,173
- Interest + MI left
- $577,661
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $361,672 | $361,672 | $393,672 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,354.35 | $2,354.35 | $2,666.87 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $78.73 |
| Taxes, insurance & HOA | $412.00 | $412.00 | $412.00 |
| Total housing payment | $2,766.35 | $3,092.43 | $3,157.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,328
Closing costs & prepaids$13,871
Usable credit−$0
Total buyer cash needed$35,198
Earnest money paid−$0
Remaining funds due$35,198
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%)$1,808.36
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)$288.00
Prepaid interest, first (9 days)$564.51
Prepaid interest, second (9 days)$93.70
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 4 moOf the original 30-year loan at 6.33%
Interest already paid$86,099Through Dec 2026
Assumption only · ends Apr 2053$382,302
Assumption + second · ends Apr 2053, second Jan 2057$467,691
New conventional · ends Jan 2057$577,661