Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,621/mo
Lowest payment- Down payment
- $76,951
- Funds due
- $88,839
- Interest + MI left
- $394,328
- First ends
- Aug 2053
Assumption
Assumption + second
$2,886/mo
+$266/mo- Down payment
- $43,951
- Funds due
- $57,106
- Interest + MI left
- $456,917
- First ends
- Aug 2053
New loan
New conventional
$3,079/mo
+$458/mo- Down payment
- $43,951
- Funds due
- $52,830
- Interest + MI left
- $599,118
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,049 | $362,049 | $395,049 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,356.31 | $2,356.31 | $2,735.24 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $79.01 |
| Taxes, insurance & HOA | $264.50 | $264.50 | $264.50 |
| Total housing payment | $2,620.81 | $2,886.34 | $3,078.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,951
Closing costs & prepaids$13,155
Usable credit−$0
Total buyer cash needed$57,106
Earnest money paid−$0
Remaining funds due$57,106
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,810.25
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)$343.50
Prepaid interest, first (2 days)$126.77
Prepaid interest, second (2 days)$16.27
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 9 moOf the original 30-year loan at 6.390%
Interest already paid$76,845Through Nov 2026
Assumption only · ends Aug 2053$394,328
Assumption + second · ends Aug 2053, second Dec 2056$456,917
New conventional · ends Dec 2056$599,118