Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,448/mo
Lowest payment- Down payment
- $71,280
- Funds due
- $83,131
- Interest + MI left
- $344,757
- First ends
- Mar 2053
Assumption
Assumption + second
$2,697/mo
+$249/mo- Down payment
- $40,280
- Funds due
- $53,450
- Interest + MI left
- $403,553
- First ends
- Mar 2053
New loan
New conventional
$2,818/mo
+$370/mo- Down payment
- $40,280
- Funds due
- $49,418
- Interest + MI left
- $525,824
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,620 | $328,620 | $359,620 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,137.71 | $2,137.71 | $2,436.19 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $71.92 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,447.71 | $2,697.14 | $2,818.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,280
Closing costs & prepaids$13,170
Usable credit−$0
Total buyer cash needed$53,450
Earnest money paid−$0
Remaining funds due$53,450
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,643.10
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
Prepaid interest, first (9 days)$511.30
Prepaid interest, second (9 days)$68.79
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 3 moOf the original 30-year loan at 6.31%
Interest already paid$79,817Through Dec 2026
Assumption only · ends Mar 2053$344,757
Assumption + second · ends Mar 2053, second Jan 2057$403,553
New conventional · ends Jan 2057$525,824