Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,155/mo
Lowest payment- Down payment
- $82,295
- Funds due
- $95,960
- Interest + MI left
- $468,551
- First ends
- Aug 2053
Assumption
Assumption + second
$3,413/mo
+$257/mo- Down payment
- $50,295
- Funds due
- $65,257
- Interest + MI left
- $529,244
- First ends
- Aug 2053
New loan
New conventional
$3,522/mo
+$367/mo- Down payment
- $50,295
- Funds due
- $60,655
- Interest + MI left
- $657,543
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,705 | $417,705 | $449,705 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,769.55 | $2,769.55 | $3,046.46 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | — | — | $89.94 |
| Taxes, insurance & HOA | $385.84 | $385.84 | $385.84 |
| Total housing payment | $3,155.39 | $3,412.87 | $3,522.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,295
Closing costs & prepaids$14,963
Usable credit−$0
Total buyer cash needed$65,257
Earnest money paid−$0
Remaining funds due$65,257
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,088.53
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)$600.00
Initial HOA (3 months)$57.51
Prepaid interest, first (6 days)$451.12
Prepaid interest, second (6 days)$47.34
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 8 moOf the original 30-year loan at 6.57%
Interest already paid$93,487Through Dec 2026
Assumption only · ends Aug 2053$468,551
Assumption + second · ends Aug 2053, second Jan 2057$529,244
New conventional · ends Jan 2057$657,543