Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,081/mo
Lowest payment- Down payment
- $76,859
- Funds due
- $90,456
- Interest + MI left
- $432,585
- First ends
- May 2053
Assumption
Assumption + second
$3,298/mo
+$217/mo- Down payment
- $49,859
- Funds due
- $64,746
- Interest + MI left
- $483,794
- First ends
- May 2053
New loan
New conventional
$3,482/mo
+$402/mo- Down payment
- $49,859
- Funds due
- $60,193
- Interest + MI left
- $643,471
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $413,141 | $413,141 | $440,141 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,667.90 | $2,667.90 | $2,981.67 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $88.03 |
| Taxes, insurance & HOA | $412.67 | $412.67 | $412.67 |
| Total housing payment | $3,080.57 | $3,297.82 | $3,482.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,859
Closing costs & prepaids$14,887
Usable credit−$0
Total buyer cash needed$64,746
Earnest money paid−$0
Remaining funds due$64,746
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,065.70
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)$588.00
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$425.14
Prepaid interest, second (6 days)$39.95
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 5 moOf the original 30-year loan at 6.26%
Interest already paid$95,018Through Dec 2026
Assumption only · ends May 2053$432,585
Assumption + second · ends May 2053, second Jan 2057$483,794
New conventional · ends Jan 2057$643,471