Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,258/mo
Lowest payment- Down payment
- $79,348
- Funds due
- $95,909
- Interest + MI left
- $615,237
- First ends
- Jul 2053
Assumption
Assumption + second
$4,726/mo
+$469/mo- Down payment
- $33,348
- Funds due
- $51,249
- Interest + MI left
- $737,984
- First ends
- Jul 2053
New loan
New conventional
$4,855/mo
+$598/mo- Down payment
- $33,348
- Funds due
- $46,044
- Interest + MI left
- $910,554
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $574,452 | $574,452 | $620,452 |
| Second mortgage | — | $46,000 | — |
| First P&I | $3,729.43 | $3,729.43 | $4,203.16 |
| Second P&I | — | $468.74 | — |
| Mortgage insurance | — | — | $124.09 |
| Taxes, insurance & HOA | $528.17 | $528.17 | $528.17 |
| Total housing payment | $4,257.60 | $4,726.34 | $4,855.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,348
Closing costs & prepaids$17,901
Usable credit−$0
Total buyer cash needed$51,249
Earnest money paid−$0
Remaining funds due$51,249
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,538.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,872.26
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$784.50
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$598.69
Prepaid interest, second (6 days)$89.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 6.34%
Interest already paid$127,369Through Dec 2026
Assumption only · ends Jul 2053$615,237
Assumption + second · ends Jul 2053, second Jan 2057$737,984
New conventional · ends Jan 2057$910,554