Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,452/mo
Lowest payment- Down payment
- $95,411
- Funds due
- $107,204
- Interest + MI left
- $319,531
- First ends
- Apr 2053
Assumption
Assumption + second
$2,895/mo
+$443/mo- Down payment
- $40,411
- Funds due
- $53,468
- Interest + MI left
- $423,846
- First ends
- Apr 2053
New loan
New conventional
$3,045/mo
+$593/mo- Down payment
- $40,411
- Funds due
- $49,505
- Interest + MI left
- $545,269
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,589 | $304,589 | $359,589 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,968.83 | $1,968.83 | $2,489.72 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | — | — | $71.92 |
| Taxes, insurance & HOA | $483.33 | $483.33 | $483.33 |
| Total housing payment | $2,452.17 | $2,894.71 | $3,044.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,411
Closing costs & prepaids$13,057
Usable credit−$0
Total buyer cash needed$53,468
Earnest money paid−$0
Remaining funds due$53,468
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,522.95
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)$1,000.00
Prepaid interest, first (1 days)$52.32
Prepaid interest, second (1 days)$13.56
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$70,161Through Nov 2026
Assumption only · ends Apr 2053$319,531
Assumption + second · ends Apr 2053, second Dec 2056$423,846
New conventional · ends Dec 2056$545,269