Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,000/mo
Lowest payment- Down payment
- $92,571
- Funds due
- $105,841
- Interest + MI left
- $428,717
- First ends
- Aug 2053
Assumption
Assumption + second
$3,346/mo
+$346/mo- Down payment
- $49,571
- Funds due
- $64,112
- Interest + MI left
- $510,272
- First ends
- Aug 2053
New loan
New conventional
$3,563/mo
+$563/mo- Down payment
- $49,571
- Funds due
- $59,606
- Interest + MI left
- $667,700
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,329 | $397,329 | $440,329 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,573.35 | $2,573.35 | $3,048.75 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | — | — | $88.07 |
| Taxes, insurance & HOA | $426.17 | $426.17 | $426.17 |
| Total housing payment | $2,999.52 | $3,345.51 | $3,562.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,571
Closing costs & prepaids$14,541
Usable credit−$0
Total buyer cash needed$64,112
Earnest money paid−$0
Remaining funds due$64,112
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,986.65
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)$712.50
Initial HOA (3 months)$66.00
Prepaid interest, first (2 days)$138.03
Prepaid interest, second (2 days)$21.21
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 6.340%
Interest already paid$83,690Through Nov 2026
Assumption only · ends Aug 2053$428,717
Assumption + second · ends Aug 2053, second Dec 2056$510,272
New conventional · ends Dec 2056$667,700