Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,804/mo
Lowest payment- Down payment
- $93,795
- Funds due
- $106,507
- Interest + MI left
- $369,113
- First ends
- May 2053
Assumption
Assumption + second
$3,199/mo
+$394/mo- Down payment
- $44,795
- Funds due
- $58,781
- Interest + MI left
- $462,048
- First ends
- May 2053
New loan
New conventional
$3,390/mo
+$586/mo- Down payment
- $44,795
- Funds due
- $54,552
- Interest + MI left
- $606,938
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,205 | $351,205 | $400,205 |
| Second mortgage | — | $49,000 | — |
| First P&I | $2,265.15 | $2,265.15 | $2,770.94 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $80.04 |
| Taxes, insurance & HOA | $539.17 | $539.17 | $539.17 |
| Total housing payment | $2,804.32 | $3,198.58 | $3,390.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,795
Closing costs & prepaids$13,986
Usable credit−$0
Total buyer cash needed$58,781
Earnest money paid−$0
Remaining funds due$58,781
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,756.03
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)$1,167.50
Prepaid interest, first (2 days)$120.47
Prepaid interest, second (2 days)$24.16
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 6 moOf the original 30-year loan at 6.260%
Interest already paid$78,842Through Nov 2026
Assumption only · ends May 2053$369,113
Assumption + second · ends May 2053, second Dec 2056$462,048
New conventional · ends Dec 2056$606,938