Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,083/mo
Lowest payment- Down payment
- $51,012
- Funds due
- $63,993
- Interest + MI left
- $392,763
- First ends
- Feb 2053
Assumption
Assumption + second
$3,378/mo
+$296/mo- Down payment
- $22,012
- Funds due
- $36,252
- Interest + MI left
- $470,147
- First ends
- Feb 2053
New loan
New conventional
$3,578/mo
+$496/mo- Down payment
- $22,012
- Funds due
- $32,054
- Interest + MI left
- $636,164
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $388,988 | $388,988 | $417,988 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,481.75 | $2,481.75 | $2,894.06 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $83.60 |
| Taxes, insurance & HOA | $600.83 | $600.83 | $600.83 |
| Total housing payment | $3,082.58 | $3,378.09 | $3,578.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,012
Closing costs & prepaids$14,240
Usable credit−$0
Total buyer cash needed$36,252
Earnest money paid−$0
Remaining funds due$36,252
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,944.94
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)$1,352.50
Prepaid interest, first (1 days)$65.12
Prepaid interest, second (1 days)$9.43
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 3 moOf the original 30-year loan at 6.110%
Interest already paid$91,569Through Nov 2026
Assumption only · ends Feb 2053$392,763
Assumption + second · ends Feb 2053, second Dec 2056$470,147
New conventional · ends Dec 2056$636,164