Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,363/mo
Lowest payment- Down payment
- $58,013
- Funds due
- $72,080
- Interest + MI left
- $489,432
- First ends
- Jul 2053
Assumption
Assumption + second
$3,689/mo
+$326/mo- Down payment
- $26,013
- Funds due
- $41,393
- Interest + MI left
- $574,821
- First ends
- Jul 2053
New loan
New conventional
$3,806/mo
+$444/mo- Down payment
- $26,013
- Funds due
- $36,843
- Interest + MI left
- $717,620
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $456,987 | $456,987 | $488,987 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,966.83 | $2,966.83 | $3,312.57 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $97.80 |
| Taxes, insurance & HOA | $396.09 | $396.09 | $396.09 |
| Total housing payment | $3,362.92 | $3,689.00 | $3,806.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,013
Closing costs & prepaids$15,380
Usable credit−$0
Total buyer cash needed$41,393
Earnest money paid−$0
Remaining funds due$41,393
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,284.94
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)$618.00
Initial HOA (3 months)$70.26
Prepaid interest, first (6 days)$476.27
Prepaid interest, second (6 days)$62.47
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$101,324Through Dec 2026
Assumption only · ends Jul 2053$489,432
Assumption + second · ends Jul 2053, second Jan 2057$574,821
New conventional · ends Jan 2057$717,620