Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,712/mo
Lowest payment- Down payment
- $83,628
- Funds due
- $95,786
- Interest + MI left
- $395,615
- First ends
- Aug 2053
Assumption
Assumption + second
$3,034/mo
+$322/mo- Down payment
- $43,628
- Funds due
- $57,055
- Interest + MI left
- $471,480
- First ends
- Aug 2053
New loan
New conventional
$3,173/mo
+$461/mo- Down payment
- $43,628
- Funds due
- $52,831
- Interest + MI left
- $593,542
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,372 | $351,372 | $391,372 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,327.06 | $2,327.06 | $2,709.78 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $78.27 |
| Taxes, insurance & HOA | $385.33 | $385.33 | $385.33 |
| Total housing payment | $2,712.39 | $3,034.24 | $3,173.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,628
Closing costs & prepaids$13,427
Usable credit−$0
Total buyer cash needed$57,055
Earnest money paid−$0
Remaining funds due$57,055
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,756.86
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)$448.00
Initial HOA (3 months)$258.00
Prepaid interest, first (2 days)$126.49
Prepaid interest, second (2 days)$19.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.570%
Interest already paid$76,627Through Nov 2026
Assumption only · ends Aug 2053$395,615
Assumption + second · ends Aug 2053, second Dec 2056$471,480
New conventional · ends Dec 2056$593,542