Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,450/mo
Lowest payment- Down payment
- $51,985
- Funds due
- $65,708
- Interest + MI left
- $552,763
- First ends
- Nov 2053
Assumption
Assumption + second
$3,725/mo
+$275/mo- Down payment
- $24,985
- Funds due
- $40,010
- Interest + MI left
- $624,810
- First ends
- Nov 2053
New loan
New conventional
$3,626/mo
+$176/mo- Down payment
- $24,985
- Funds due
- $35,507
- Interest + MI left
- $682,440
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,015 | $438,015 | $465,015 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,067.42 | $3,067.42 | $3,150.17 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $93.00 |
| Taxes, insurance & HOA | $382.67 | $382.67 | $382.67 |
| Total housing payment | $3,450.09 | $3,725.22 | $3,625.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,985
Closing costs & prepaids$15,026
Usable credit−$0
Total buyer cash needed$40,010
Earnest money paid−$0
Remaining funds due$40,010
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%)$2,190.08
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)$60.00
Prepaid interest, first (6 days)$516.98
Prepaid interest, second (6 days)$52.71
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 11 moOf the original 30-year loan at 7.18%
Interest already paid$98,710Through Dec 2026
Assumption only · ends Nov 2053$552,763
Assumption + second · ends Nov 2053, second Jan 2057$624,810
New conventional · ends Jan 2057$682,440