Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,399/mo
Lowest payment- Down payment
- $70,872
- Funds due
- $82,124
- Interest + MI left
- $346,487
- First ends
- Mar 2053
Assumption
Assumption + second
$2,640/mo
+$241/mo- Down payment
- $40,872
- Funds due
- $53,381
- Interest + MI left
- $403,387
- First ends
- Mar 2053
New loan
New conventional
$2,819/mo
+$420/mo- Down payment
- $40,872
- Funds due
- $49,293
- Interest + MI left
- $544,418
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,028 | $329,028 | $359,028 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,137.71 | $2,137.71 | $2,485.84 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $71.81 |
| Taxes, insurance & HOA | $260.92 | $260.92 | $260.92 |
| Total housing payment | $2,398.62 | $2,640.01 | $2,818.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,872
Closing costs & prepaids$12,509
Usable credit−$0
Total buyer cash needed$53,381
Earnest money paid−$0
Remaining funds due$53,381
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,645.14
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)$332.75
Prepaid interest, first (1 days)$56.88
Prepaid interest, second (1 days)$7.40
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 6.310%
Interest already paid$78,087Through Nov 2026
Assumption only · ends Mar 2053$346,487
Assumption + second · ends Mar 2053, second Dec 2056$403,387
New conventional · ends Dec 2056$544,418