Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,899/mo
Lowest payment- Down payment
- $47,022
- Funds due
- $59,265
- Interest + MI left
- $414,981
- First ends
- Jun 2053
Assumption
Assumption + second
$3,174/mo
+$275/mo- Down payment
- $20,022
- Funds due
- $33,550
- Interest + MI left
- $487,027
- First ends
- Jun 2053
New loan
New conventional
$3,110/mo
+$211/mo- Down payment
- $20,022
- Funds due
- $29,543
- Interest + MI left
- $548,923
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,478 | $351,478 | $378,478 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,410.25 | $2,410.25 | $2,546.05 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $75.70 |
| Taxes, insurance & HOA | $488.75 | $488.75 | $488.75 |
| Total housing payment | $2,899.00 | $3,174.13 | $3,110.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,022
Closing costs & prepaids$13,528
Usable credit−$0
Total buyer cash needed$33,550
Earnest money paid−$0
Remaining funds due$33,550
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,985.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,757.39
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)$1,016.25
Prepaid interest, first (4 days)$265.77
Prepaid interest, second (4 days)$35.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 6 moOf the original 30-year loan at 6.9%
Interest already paid$86,743Through Dec 2026
Assumption only · ends Jun 2053$414,981
Assumption + second · ends Jun 2053, second Jan 2057$487,027
New conventional · ends Jan 2057$548,923