Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,551/mo
Lowest payment- Down payment
- $52,992
- Funds due
- $64,823
- Interest + MI left
- $358,177
- First ends
- Feb 2053
Assumption
Assumption + second
$2,897/mo
+$346/mo- Down payment
- $18,992
- Funds due
- $32,173
- Interest + MI left
- $448,902
- First ends
- Feb 2053
New loan
New conventional
$2,882/mo
+$332/mo- Down payment
- $18,992
- Funds due
- $28,319
- Interest + MI left
- $528,335
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,008 | $326,008 | $360,008 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,178.93 | $2,178.93 | $2,438.82 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $72.00 |
| Taxes, insurance & HOA | $371.58 | $371.58 | $371.58 |
| Total housing payment | $2,550.52 | $2,896.98 | $2,882.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,992
Closing costs & prepaids$13,181
Usable credit−$0
Total buyer cash needed$32,173
Earnest money paid−$0
Remaining funds due$32,173
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,630.04
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)$454.75
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$528.94
Prepaid interest, second (9 days)$99.55
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 2 moOf the original 30-year loan at 6.58%
Interest already paid$84,359Through Dec 2026
Assumption only · ends Feb 2053$358,177
Assumption + second · ends Feb 2053, second Jan 2057$448,902
New conventional · ends Jan 2057$528,335