Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,851/mo
Lowest payment- Down payment
- $47,347
- Funds due
- $59,947
- Interest + MI left
- $413,946
- First ends
- Sep 2053
Assumption
Assumption + second
$3,116/mo
+$265/mo- Down payment
- $21,347
- Funds due
- $35,273
- Interest + MI left
- $483,324
- First ends
- Sep 2053
New loan
New conventional
$3,161/mo
+$311/mo- Down payment
- $21,347
- Funds due
- $31,203
- Interest + MI left
- $577,633
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,653 | $367,653 | $393,653 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,434.89 | $2,434.89 | $2,666.74 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $78.73 |
| Taxes, insurance & HOA | $416.00 | $416.00 | $416.00 |
| Total housing payment | $2,850.89 | $3,115.83 | $3,161.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,347
Closing costs & prepaids$13,926
Usable credit−$0
Total buyer cash needed$35,273
Earnest money paid−$0
Remaining funds due$35,273
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%)$1,838.27
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)$300.00
Prepaid interest, first (9 days)$595.60
Prepaid interest, second (9 days)$76.13
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 6.57%
Interest already paid$80,178Through Dec 2026
Assumption only · ends Sep 2053$413,946
Assumption + second · ends Sep 2053, second Jan 2057$483,324
New conventional · ends Jan 2057$577,633