Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,639/mo
Lowest payment- Down payment
- $335,331
- Funds due
- $347,495
- Interest + MI left
- $254,665
- First ends
- Aug 2053
Assumption
Assumption + second
$3,645/mo
+$2,006/mo- Down payment
- $55,331
- Funds due
- $68,864
- Interest + MI left
- $696,809
- First ends
- Aug 2053
New loan
New conventional
$3,709/mo
+$2,070/mo- Down payment
- $55,331
- Funds due
- $65,185
- Interest + MI left
- $753,232
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,669 | $216,669 | $496,669 |
| Second mortgage | — | $280,000 | — |
| First P&I | $1,468.33 | $1,468.33 | $3,438.84 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | — | — | $99.33 |
| Taxes, insurance & HOA | $170.42 | $170.42 | $170.42 |
| Total housing payment | $1,638.75 | $3,644.70 | $3,708.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,331
Closing costs & prepaids$13,532
Usable credit−$0
Total buyer cash needed$68,864
Earnest money paid−$0
Remaining funds due$68,864
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,520.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,083.34
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Initial HOA (3 months)$11.25
Prepaid interest, first (2 days)$80.85
Prepaid interest, second (2 days)$118.90
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 6.810%
Interest already paid$48,934Through Nov 2026
Assumption only · ends Aug 2053$254,665
Assumption + second · ends Aug 2053, second Dec 2056$696,809
New conventional · ends Dec 2056$753,232