Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,875/mo
Lowest payment- Down payment
- $74,823
- Funds due
- $86,908
- Interest + MI left
- $452,326
- First ends
- Dec 2053
Assumption
Assumption + second
$3,125/mo
+$249/mo- Down payment
- $43,823
- Funds due
- $57,166
- Interest + MI left
- $511,122
- First ends
- Dec 2053
New loan
New conventional
$3,142/mo
+$266/mo- Down payment
- $43,823
- Funds due
- $52,910
- Interest + MI left
- $585,586
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $355,177 | $355,177 | $386,177 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,484.63 | $2,484.63 | $2,673.81 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $77.24 |
| Taxes, insurance & HOA | $390.67 | $390.67 | $390.67 |
| Total housing payment | $2,875.29 | $3,124.73 | $3,141.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,823
Closing costs & prepaids$13,343
Usable credit−$0
Total buyer cash needed$57,166
Earnest money paid−$0
Remaining funds due$57,166
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,775.89
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)$332.00
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$69.97
Prepaid interest, second (1 days)$7.64
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 closing27 yr 1 moOf the original 30-year loan at 7.190%
Interest already paid$75,735Through Nov 2026
Assumption only · ends Dec 2053$452,326
Assumption + second · ends Dec 2053, second Dec 2056$511,122
New conventional · ends Dec 2056$585,586