Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,077/mo
Lowest payment- Down payment
- $166,269
- Funds due
- $177,749
- Interest + MI left
- $288,281
- First ends
- Sep 2053
Assumption
Assumption + second
$2,987/mo
+$910/mo- Down payment
- $42,269
- Funds due
- $55,054
- Interest + MI left
- $491,833
- First ends
- Sep 2053
New loan
New conventional
$3,064/mo
+$988/mo- Down payment
- $42,269
- Funds due
- $51,349
- Interest + MI left
- $565,197
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,731 | $248,731 | $372,731 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,667.74 | $1,667.74 | $2,580.71 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | — | — | $74.55 |
| Taxes, insurance & HOA | $409.00 | $409.00 | $409.00 |
| Total housing payment | $2,076.74 | $2,986.60 | $3,064.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,269
Closing costs & prepaids$12,784
Usable credit−$0
Total buyer cash needed$55,054
Earnest money paid−$0
Remaining funds due$55,054
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,243.65
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)$417.00
Initial HOA (3 months)$360.00
Prepaid interest, first (2 days)$91.45
Prepaid interest, second (2 days)$54.36
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$53,918Through Nov 2026
Assumption only · ends Sep 2053$288,281
Assumption + second · ends Sep 2053, second Dec 2056$491,833
New conventional · ends Dec 2056$565,197