Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,534/mo
Lowest payment- Down payment
- $79,883
- Funds due
- $91,584
- Interest + MI left
- $379,809
- First ends
- Jul 2053
Assumption
Assumption + second
$2,824/mo
+$290/mo- Down payment
- $43,883
- Funds due
- $56,851
- Interest + MI left
- $448,088
- First ends
- Jul 2053
New loan
New conventional
$3,004/mo
+$469/mo- Down payment
- $43,883
- Funds due
- $52,636
- Interest + MI left
- $585,344
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,017 | $350,017 | $386,017 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,280.71 | $2,280.71 | $2,672.70 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $77.20 |
| Taxes, insurance & HOA | $253.75 | $253.75 | $253.75 |
| Total housing payment | $2,534.46 | $2,824.12 | $3,003.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,883
Closing costs & prepaids$12,969
Usable credit−$0
Total buyer cash needed$56,851
Earnest money paid−$0
Remaining funds due$56,851
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,750.09
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)$311.25
Prepaid interest, first (2 days)$122.55
Prepaid interest, second (2 days)$17.75
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$76,246Through Nov 2026
Assumption only · ends Jul 2053$379,809
Assumption + second · ends Jul 2053, second Dec 2056$448,088
New conventional · ends Dec 2056$585,344