Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,759/mo
Lowest payment- Down payment
- $52,884
- Funds due
- $64,953
- Interest + MI left
- $384,212
- First ends
- Apr 2053
Assumption
Assumption + second
$3,086/mo
+$326/mo- Down payment
- $20,884
- Funds due
- $34,224
- Interest + MI left
- $469,601
- First ends
- Apr 2053
New loan
New conventional
$3,213/mo
+$453/mo- Down payment
- $20,884
- Funds due
- $30,175
- Interest + MI left
- $599,832
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,116 | $362,116 | $394,116 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,354.35 | $2,354.35 | $2,728.78 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $78.82 |
| Taxes, insurance & HOA | $405.08 | $405.08 | $405.08 |
| Total housing payment | $2,759.43 | $3,085.51 | $3,212.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,884
Closing costs & prepaids$13,340
Usable credit−$0
Total buyer cash needed$34,224
Earnest money paid−$0
Remaining funds due$34,224
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%)$1,810.58
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)$477.25
Initial HOA (3 months)$288.00
Prepaid interest, first (2 days)$125.60
Prepaid interest, second (2 days)$20.82
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 5 moOf the original 30-year loan at 6.330%
Interest already paid$84,188Through Nov 2026
Assumption only · ends Apr 2053$384,212
Assumption + second · ends Apr 2053, second Dec 2056$469,601
New conventional · ends Dec 2056$599,832