Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,424/mo
Lowest payment- Down payment
- $109,994
- Funds due
- $121,960
- Interest + MI left
- $359,234
- First ends
- Nov 2053
Assumption
Assumption + second
$2,979/mo
+$555/mo- Down payment
- $40,994
- Funds due
- $54,363
- Interest + MI left
- $490,102
- First ends
- Nov 2053
New loan
New conventional
$2,918/mo
+$494/mo- Down payment
- $40,994
- Funds due
- $50,437
- Interest + MI left
- $524,854
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,006 | $290,006 | $359,006 |
| Second mortgage | — | $69,000 | — |
| First P&I | $2,010.03 | $2,010.03 | $2,432.03 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | — | — | $71.80 |
| Taxes, insurance & HOA | $414.00 | $414.00 | $414.00 |
| Total housing payment | $2,424.03 | $2,979.22 | $2,917.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,994
Closing costs & prepaids$13,369
Usable credit−$0
Total buyer cash needed$54,363
Earnest money paid−$0
Remaining funds due$54,363
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,450.03
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)$480.00
Initial HOA (3 months)$312.00
Prepaid interest, first (9 days)$505.56
Prepaid interest, second (9 days)$153.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7.07%
Interest already paid$64,377Through Dec 2026
Assumption only · ends Nov 2053$359,234
Assumption + second · ends Nov 2053, second Jan 2057$490,102
New conventional · ends Jan 2057$524,854