Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,544/mo
Lowest payment- Down payment
- $43,543
- Funds due
- $54,895
- Interest + MI left
- $346,989
- First ends
- Oct 2053
Assumption
Assumption + second
$2,819/mo
+$275/mo- Down payment
- $16,543
- Funds due
- $29,163
- Interest + MI left
- $419,036
- First ends
- Oct 2053
New loan
New conventional
$2,812/mo
+$268/mo- Down payment
- $16,543
- Funds due
- $25,527
- Interest + MI left
- $475,549
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,457 | $285,457 | $312,457 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,958.04 | $1,958.04 | $2,163.39 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $62.49 |
| Taxes, insurance & HOA | $586.00 | $586.00 | $586.00 |
| Total housing payment | $2,544.04 | $2,819.17 | $2,811.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,543
Closing costs & prepaids$12,620
Usable credit−$0
Total buyer cash needed$29,163
Earnest money paid−$0
Remaining funds due$29,163
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,427.28
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Initial HOA (3 months)$1,308.00
Prepaid interest, first (2 days)$108.86
Prepaid interest, second (2 days)$17.57
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 11 moOf the original 30-year loan at 6.960%
Interest already paid$62,404Through Nov 2026
Assumption only · ends Oct 2053$346,989
Assumption + second · ends Oct 2053, second Dec 2056$419,036
New conventional · ends Dec 2056$475,549