Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,455/mo
Lowest payment- Down payment
- $45,926
- Funds due
- $57,295
- Interest + MI left
- $297,990
- First ends
- Mar 2053
Assumption
Assumption + second
$2,750/mo
+$296/mo- Down payment
- $16,926
- Funds due
- $29,554
- Interest + MI left
- $375,374
- First ends
- Mar 2053
New loan
New conventional
$2,839/mo
+$384/mo- Down payment
- $16,926
- Funds due
- $25,932
- Interest + MI left
- $474,752
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,974 | $282,974 | $311,974 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,838.49 | $1,838.49 | $2,160.04 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $62.39 |
| Taxes, insurance & HOA | $616.17 | $616.17 | $616.17 |
| Total housing payment | $2,454.66 | $2,750.17 | $2,838.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,926
Closing costs & prepaids$12,629
Usable credit−$0
Total buyer cash needed$29,554
Earnest money paid−$0
Remaining funds due$29,554
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,289.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,414.87
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)$1,158.50
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$48.92
Prepaid interest, second (1 days)$9.43
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 4 moOf the original 30-year loan at 6.310%
Interest already paid$67,157Through Nov 2026
Assumption only · ends Mar 2053$297,990
Assumption + second · ends Mar 2053, second Dec 2056$375,374
New conventional · ends Dec 2056$474,752