Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,992/mo
Lowest payment- Down payment
- $74,009
- Funds due
- $86,878
- Interest + MI left
- $431,054
- First ends
- Mar 2053
Assumption
Assumption + second
$3,201/mo
+$209/mo- Down payment
- $48,009
- Funds due
- $62,135
- Interest + MI left
- $480,367
- First ends
- Mar 2053
New loan
New conventional
$3,400/mo
+$409/mo- Down payment
- $48,009
- Funds due
- $57,616
- Interest + MI left
- $647,475
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $400,991 | $400,991 | $426,991 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,633.05 | $2,633.05 | $2,956.40 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $85.40 |
| Taxes, insurance & HOA | $358.58 | $358.58 | $358.58 |
| Total housing payment | $2,991.64 | $3,200.84 | $3,400.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,009
Closing costs & prepaids$14,126
Usable credit−$0
Total buyer cash needed$62,135
Earnest money paid−$0
Remaining funds due$62,135
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,004.96
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$329.75
Initial HOA (3 months)$246.00
Prepaid interest, first (1 days)$70.53
Prepaid interest, second (1 days)$6.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 6.420%
Interest already paid$96,777Through Nov 2026
Assumption only · ends Mar 2053$431,054
Assumption + second · ends Mar 2053, second Dec 2056$480,367
New conventional · ends Dec 2056$647,475