Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,055/mo
Lowest payment- Down payment
- $56,156
- Funds due
- $69,313
- Interest + MI left
- $447,719
- First ends
- May 2053
Assumption
Assumption + second
$3,381/mo
+$326/mo- Down payment
- $24,156
- Funds due
- $38,626
- Interest + MI left
- $533,108
- First ends
- May 2053
New loan
New conventional
$3,427/mo
+$373/mo- Down payment
- $24,156
- Funds due
- $34,318
- Interest + MI left
- $646,879
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,844 | $408,844 | $440,844 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,702.09 | $2,702.09 | $2,986.43 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $88.17 |
| Taxes, insurance & HOA | $352.67 | $352.67 | $352.67 |
| Total housing payment | $3,054.76 | $3,380.84 | $3,427.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,156
Closing costs & prepaids$14,470
Usable credit−$0
Total buyer cash needed$38,626
Earnest money paid−$0
Remaining funds due$38,626
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,044.22
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)$558.00
Prepaid interest, first (6 days)$436.85
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 5 moOf the original 30-year loan at 6.5%
Interest already paid$97,534Through Dec 2026
Assumption only · ends May 2053$447,719
Assumption + second · ends May 2053, second Jan 2057$533,108
New conventional · ends Jan 2057$646,879