Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,069/mo
Lowest payment- Down payment
- $60,396
- Funds due
- $70,779
- Interest + MI left
- $299,087
- First ends
- Aug 2053
Assumption
Assumption + second
$2,278/mo
+$209/mo- Down payment
- $34,396
- Funds due
- $46,036
- Interest + MI left
- $348,399
- First ends
- Aug 2053
New loan
New conventional
$2,423/mo
+$354/mo- Down payment
- $34,396
- Funds due
- $42,282
- Interest + MI left
- $455,766
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,604 | $274,604 | $300,604 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,787.20 | $1,787.20 | $2,081.32 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $60.12 |
| Taxes, insurance & HOA | $281.50 | $281.50 | $281.50 |
| Total housing payment | $2,068.70 | $2,277.90 | $2,422.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,396
Closing costs & prepaids$11,640
Usable credit−$0
Total buyer cash needed$46,036
Earnest money paid−$0
Remaining funds due$46,036
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,373.02
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)$394.50
Prepaid interest, first (1 days)$48.07
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 9 moOf the original 30-year loan at 6.390%
Interest already paid$58,285Through Nov 2026
Assumption only · ends Aug 2053$299,087
Assumption + second · ends Aug 2053, second Dec 2056$348,399
New conventional · ends Dec 2056$455,766