Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,146/mo
Lowest payment- Down payment
- $80,699
- Funds due
- $97,065
- Interest + MI left
- $548,886
- First ends
- Mar 2053
Assumption
Assumption + second
$4,656/mo
+$510/mo- Down payment
- $30,699
- Funds due
- $48,413
- Interest + MI left
- $682,306
- First ends
- Mar 2053
New loan
New conventional
$4,722/mo
+$576/mo- Down payment
- $30,699
- Funds due
- $43,503
- Interest + MI left
- $833,905
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $518,301 | $518,301 | $568,301 |
| Second mortgage | — | $50,000 | — |
| First P&I | $3,387.89 | $3,387.89 | $3,849.87 |
| Second P&I | — | $509.50 | — |
| Mortgage insurance | — | — | $113.66 |
| Taxes, insurance & HOA | $758.25 | $758.25 | $758.25 |
| Total housing payment | $4,146.14 | $4,655.64 | $4,721.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,699
Closing costs & prepaids$17,714
Usable credit−$0
Total buyer cash needed$48,413
Earnest money paid−$0
Remaining funds due$48,413
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,591.50
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)$718.75
Initial HOA (3 months)$1,056.00
Prepaid interest, first (6 days)$541.87
Prepaid interest, second (6 days)$97.60
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 3 moOf the original 30-year loan at 6.36%
Interest already paid$126,856Through Dec 2026
Assumption only · ends Mar 2053$548,886
Assumption + second · ends Mar 2053, second Jan 2057$682,306
New conventional · ends Jan 2057$833,905