Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,176/mo
Lowest payment- Down payment
- $73,444
- Funds due
- $84,299
- Interest + MI left
- $289,036
- First ends
- Mar 2053
Assumption
Assumption + second
$2,481/mo
+$306/mo- Down payment
- $35,444
- Funds due
- $47,558
- Interest + MI left
- $361,108
- First ends
- Mar 2053
New loan
New conventional
$2,627/mo
+$451/mo- Down payment
- $35,444
- Funds due
- $43,785
- Interest + MI left
- $476,982
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $276,556 | $276,556 | $314,556 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,789.85 | $1,789.85 | $2,177.92 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | — | — | $62.91 |
| Taxes, insurance & HOA | $385.67 | $385.67 | $385.67 |
| Total housing payment | $2,175.51 | $2,481.27 | $2,626.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,444
Closing costs & prepaids$12,115
Usable credit−$0
Total buyer cash needed$47,558
Earnest money paid−$0
Remaining funds due$47,558
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,382.78
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)$365.00
Initial HOA (3 months)$342.00
Prepaid interest, first (1 days)$47.51
Prepaid interest, second (1 days)$9.37
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 4 moOf the original 30-year loan at 6.270%
Interest already paid$65,229Through Nov 2026
Assumption only · ends Mar 2053$289,036
Assumption + second · ends Mar 2053, second Dec 2056$361,108
New conventional · ends Dec 2056$476,982