Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,244/mo
Lowest payment- Down payment
- $95,979
- Funds due
- $109,892
- Interest + MI left
- $448,380
- First ends
- Mar 2053
Assumption
Assumption + second
$3,590/mo
+$346/mo- Down payment
- $52,979
- Funds due
- $68,164
- Interest + MI left
- $529,935
- First ends
- Mar 2053
New loan
New conventional
$3,830/mo
+$586/mo- Down payment
- $52,979
- Funds due
- $63,468
- Interest + MI left
- $715,852
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $429,021 | $429,021 | $472,021 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,776.58 | $2,776.58 | $3,268.18 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | — | — | $94.40 |
| Taxes, insurance & HOA | $467.50 | $467.50 | $467.50 |
| Total housing payment | $3,244.08 | $3,590.07 | $3,830.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,979
Closing costs & prepaids$15,184
Usable credit−$0
Total buyer cash needed$68,164
Earnest money paid−$0
Remaining funds due$68,164
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,145.10
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)$902.50
Prepaid interest, first (2 days)$147.40
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 4 moOf the original 30-year loan at 6.270%
Interest already paid$101,190Through Nov 2026
Assumption only · ends Mar 2053$448,380
Assumption + second · ends Mar 2053, second Dec 2056$529,935
New conventional · ends Dec 2056$715,852