Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,236/mo
Lowest payment- Down payment
- $50,079
- Funds due
- $63,576
- Interest + MI left
- $435,275
- First ends
- Apr 2053
Assumption
Assumption + second
$3,501/mo
+$265/mo- Down payment
- $24,079
- Funds due
- $38,843
- Interest + MI left
- $504,653
- First ends
- Apr 2053
New loan
New conventional
$3,695/mo
+$459/mo- Down payment
- $24,079
- Funds due
- $34,504
- Interest + MI left
- $670,979
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $414,921 | $414,921 | $440,921 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,682.01 | $2,682.01 | $3,052.85 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $88.18 |
| Taxes, insurance & HOA | $554.17 | $554.17 | $554.17 |
| Total housing payment | $3,236.17 | $3,501.11 | $3,695.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,079
Closing costs & prepaids$14,765
Usable credit−$0
Total buyer cash needed$38,843
Earnest money paid−$0
Remaining funds due$38,843
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,074.61
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,162.50
Prepaid interest, first (2 days)$142.55
Prepaid interest, second (2 days)$16.92
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$95,576Through Nov 2026
Assumption only · ends Apr 2053$435,275
Assumption + second · ends Apr 2053, second Dec 2056$504,653
New conventional · ends Dec 2056$670,979