Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,424/mo
Lowest payment- Down payment
- $50,711
- Funds due
- $64,690
- Interest + MI left
- $468,689
- First ends
- Jun 2053
Assumption
Assumption + second
$3,679/mo
+$255/mo- Down payment
- $25,711
- Funds due
- $40,956
- Interest + MI left
- $535,399
- First ends
- Jun 2053
New loan
New conventional
$3,905/mo
+$481/mo- Down payment
- $25,711
- Funds due
- $36,456
- Interest + MI left
- $714,149
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $444,289 | $444,289 | $469,289 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,862.00 | $2,862.00 | $3,249.26 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $93.86 |
| Taxes, insurance & HOA | $562.33 | $562.33 | $562.33 |
| Total housing payment | $3,424.33 | $3,679.08 | $3,905.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,711
Closing costs & prepaids$15,245
Usable credit−$0
Total buyer cash needed$40,956
Earnest money paid−$0
Remaining funds due$40,956
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,221.44
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)$1,187.00
Prepaid interest, first (2 days)$152.40
Prepaid interest, second (2 days)$16.27
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 7 moOf the original 30-year loan at 6.260%
Interest already paid$97,298Through Nov 2026
Assumption only · ends Jun 2053$468,689
Assumption + second · ends Jun 2053, second Dec 2056$535,399
New conventional · ends Dec 2056$714,149