Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,124/mo
Lowest payment- Down payment
- $51,678
- Funds due
- $62,153
- Interest + MI left
- $282,224
- First ends
- Sep 2053
Assumption
Assumption + second
$2,501/mo
+$377/mo- Down payment
- $14,678
- Funds due
- $26,428
- Interest + MI left
- $380,955
- First ends
- Sep 2053
New loan
New conventional
$2,472/mo
+$348/mo- Down payment
- $14,678
- Funds due
- $23,041
- Interest + MI left
- $420,401
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,222 | $239,222 | $276,222 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,619.40 | $1,619.40 | $1,912.51 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $55.24 |
| Taxes, insurance & HOA | $504.50 | $504.50 | $504.50 |
| Total housing payment | $2,123.90 | $2,500.93 | $2,472.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,678
Closing costs & prepaids$11,750
Usable credit−$0
Total buyer cash needed$26,428
Earnest money paid−$0
Remaining funds due$26,428
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,909.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,196.11
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)$298.50
Initial HOA (3 months)$765.00
Prepaid interest, first (2 days)$89.27
Prepaid interest, second (2 days)$24.08
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 10 moOf the original 30-year loan at 6.810%
Interest already paid$52,611Through Nov 2026
Assumption only · ends Sep 2053$282,224
Assumption + second · ends Sep 2053, second Dec 2056$380,955
New conventional · ends Dec 2056$420,401