Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,911/mo
Lowest payment- Down payment
- $46,893
- Funds due
- $59,138
- Interest + MI left
- $418,747
- First ends
- Jun 2053
Assumption
Assumption + second
$3,176/mo
+$265/mo- Down payment
- $20,893
- Funds due
- $34,422
- Interest + MI left
- $488,126
- First ends
- Jun 2053
New loan
New conventional
$3,104/mo
+$193/mo- Down payment
- $20,893
- Funds due
- $30,405
- Interest + MI left
- $547,584
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,607 | $351,607 | $377,607 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,422.50 | $2,422.50 | $2,540.19 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $75.52 |
| Taxes, insurance & HOA | $488.75 | $488.75 | $488.75 |
| Total housing payment | $2,911.25 | $3,176.19 | $3,104.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,893
Closing costs & prepaids$13,529
Usable credit−$0
Total buyer cash needed$34,422
Earnest money paid−$0
Remaining funds due$34,422
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%)$1,758.03
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)$267.80
Prepaid interest, second (4 days)$33.84
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 6.95%
Interest already paid$87,387Through Dec 2026
Assumption only · ends Jun 2053$418,747
Assumption + second · ends Jun 2053, second Jan 2057$488,126
New conventional · ends Jan 2057$547,584