Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,194/mo
Lowest payment- Down payment
- $46,526
- Funds due
- $57,042
- Interest + MI left
- $305,239
- First ends
- Sep 2053
Assumption
Assumption + second
$2,510/mo
+$316/mo- Down payment
- $15,526
- Funds due
- $27,302
- Interest + MI left
- $387,959
- First ends
- Sep 2053
New loan
New conventional
$2,525/mo
+$331/mo- Down payment
- $15,526
- Funds due
- $23,788
- Interest + MI left
- $448,009
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,362 | $263,362 | $294,362 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,765.84 | $1,765.84 | $2,038.10 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $58.87 |
| Taxes, insurance & HOA | $428.00 | $428.00 | $428.00 |
| Total housing payment | $2,193.85 | $2,509.74 | $2,524.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,526
Closing costs & prepaids$11,776
Usable credit−$0
Total buyer cash needed$27,302
Earnest money paid−$0
Remaining funds due$27,302
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,098.88
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,316.81
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)$388.00
Initial HOA (3 months)$446.01
Prepaid interest, first (1 days)$48.42
Prepaid interest, second (1 days)$10.09
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$57,089Through Nov 2026
Assumption only · ends Sep 2053$305,239
Assumption + second · ends Sep 2053, second Dec 2056$387,959
New conventional · ends Dec 2056$448,009