Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,436/mo
Lowest payment- Down payment
- $52,182
- Funds due
- $63,067
- Interest + MI left
- $386,326
- First ends
- Oct 2053
Assumption
Assumption + second
$2,772/mo
+$336/mo- Down payment
- $19,182
- Funds due
- $31,328
- Interest + MI left
- $474,384
- First ends
- Oct 2053
New loan
New conventional
$2,755/mo
+$319/mo- Down payment
- $19,182
- Funds due
- $27,504
- Interest + MI left
- $533,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,818 | $317,818 | $350,818 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,180.01 | $2,180.01 | $2,428.99 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $70.16 |
| Taxes, insurance & HOA | $255.83 | $255.83 | $255.83 |
| Total housing payment | $2,435.85 | $2,772.12 | $2,754.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,182
Closing costs & prepaids$12,146
Usable credit−$0
Total buyer cash needed$31,328
Earnest money paid−$0
Remaining funds due$31,328
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,589.09
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)$317.50
Prepaid interest, first (1 days)$60.60
Prepaid interest, second (1 days)$10.74
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 11 moOf the original 30-year loan at 6.960%
Interest already paid$69,479Through Nov 2026
Assumption only · ends Oct 2053$386,326
Assumption + second · ends Oct 2053, second Dec 2056$474,384
New conventional · ends Dec 2056$533,863