Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,699/mo
Lowest payment- Down payment
- $63,466
- Funds due
- $75,476
- Interest + MI left
- $349,387
- First ends
- Mar 2053
Assumption
Assumption + second
$3,147/mo
+$448/mo- Down payment
- $19,466
- Funds due
- $32,741
- Interest + MI left
- $466,797
- First ends
- Mar 2053
New loan
New conventional
$3,180/mo
+$480/mo- Down payment
- $19,466
- Funds due
- $28,898
- Interest + MI left
- $556,106
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,434 | $321,434 | $365,434 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,122.85 | $2,122.85 | $2,530.19 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | — | — | $73.09 |
| Taxes, insurance & HOA | $576.25 | $576.25 | $576.25 |
| Total housing payment | $2,699.10 | $3,147.46 | $3,179.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,466
Closing costs & prepaids$13,274
Usable credit−$0
Total buyer cash needed$32,741
Earnest money paid−$0
Remaining funds due$32,741
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,849.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,607.17
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)$738.75
Initial HOA (3 months)$540.00
Prepaid interest, first (1 days)$57.07
Prepaid interest, second (1 days)$14.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.480%
Interest already paid$78,281Through Nov 2026
Assumption only · ends Mar 2053$349,387
Assumption + second · ends Mar 2053, second Dec 2056$466,797
New conventional · ends Dec 2056$556,106