Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,489/mo
Lowest payment- Down payment
- $331,628
- Funds due
- $346,044
- Interest + MI left
- $345,470
- First ends
- Jul 2053
Assumption
Assumption + second
$4,395/mo
+$1,906/mo- Down payment
- $65,628
- Funds due
- $81,407
- Interest + MI left
- $765,506
- First ends
- Jul 2053
New loan
New conventional
$4,578/mo
+$2,088/mo- Down payment
- $65,628
- Funds due
- $77,128
- Interest + MI left
- $886,239
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,372 | $318,372 | $584,372 |
| Second mortgage | — | $266,000 | — |
| First P&I | $2,074.51 | $2,074.51 | $4,046.07 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | — | — | $116.87 |
| Taxes, insurance & HOA | $414.91 | $414.91 | $414.91 |
| Total housing payment | $2,489.42 | $4,395.08 | $4,577.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,628
Closing costs & prepaids$15,779
Usable credit−$0
Total buyer cash needed$81,407
Earnest money paid−$0
Remaining funds due$81,407
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,591.86
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)$719.75
Initial HOA (3 months)$24.99
Prepaid interest, first (2 days)$111.47
Prepaid interest, second (2 days)$112.96
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 8 moOf the original 30-year loan at 6.390%
Interest already paid$69,352Through Nov 2026
Assumption only · ends Jul 2053$345,470
Assumption + second · ends Jul 2053, second Dec 2056$765,506
New conventional · ends Dec 2056$886,239