Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,898/mo
Lowest payment- Down payment
- $93,446
- Funds due
- $106,147
- Interest + MI left
- $439,976
- First ends
- Oct 2053
Assumption
Assumption + second
$3,268/mo
+$370/mo- Down payment
- $47,446
- Funds due
- $61,408
- Interest + MI left
- $527,221
- First ends
- Oct 2053
New loan
New conventional
$3,360/mo
+$462/mo- Down payment
- $47,446
- Funds due
- $57,038
- Interest + MI left
- $633,165
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,554 | $371,554 | $417,554 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,512.48 | $2,512.48 | $2,891.06 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | — | — | $83.51 |
| Taxes, insurance & HOA | $385.50 | $385.50 | $385.50 |
| Total housing payment | $2,897.98 | $3,268.10 | $3,360.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,446
Closing costs & prepaids$13,963
Usable credit−$0
Total buyer cash needed$61,408
Earnest money paid−$0
Remaining funds due$61,408
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,857.77
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)$656.50
Prepaid interest, first (1 days)$69.32
Prepaid interest, second (1 days)$11.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 6.810%
Interest already paid$79,516Through Nov 2026
Assumption only · ends Oct 2053$439,976
Assumption + second · ends Oct 2053, second Dec 2056$527,221
New conventional · ends Dec 2056$633,165