Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,907/mo
Lowest payment- Down payment
- $362,226
- Funds due
- $375,612
- Interest + MI left
- $228,565
- First ends
- Mar 2053
Assumption
Assumption + second
$4,085/mo
+$2,178/mo- Down payment
- $58,226
- Funds due
- $72,991
- Interest + MI left
- $708,607
- First ends
- Mar 2053
New loan
New conventional
$4,191/mo
+$2,284/mo- Down payment
- $58,226
- Funds due
- $69,309
- Interest + MI left
- $783,392
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,624 | $212,624 | $516,624 |
| Second mortgage | — | $304,000 | — |
| First P&I | $1,396.17 | $1,396.17 | $3,577.00 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | — | — | $103.32 |
| Taxes, insurance & HOA | $510.67 | $510.67 | $510.67 |
| Total housing payment | $1,906.84 | $4,084.73 | $4,190.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,226
Closing costs & prepaids$14,766
Usable credit−$0
Total buyer cash needed$72,991
Earnest money paid−$0
Remaining funds due$72,991
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,748.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,063.12
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)$573.00
Initial HOA (3 months)$459.00
Prepaid interest, first (2 days)$74.80
Prepaid interest, second (2 days)$129.10
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 4 moOf the original 30-year loan at 6.420%
Interest already paid$51,316Through Nov 2026
Assumption only · ends Mar 2053$228,565
Assumption + second · ends Mar 2053, second Dec 2056$708,607
New conventional · ends Dec 2056$783,392