Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,544/mo
Lowest payment- Down payment
- $51,602
- Funds due
- $65,940
- Interest + MI left
- $518,411
- First ends
- May 2053
Assumption
Assumption + second
$3,799/mo
+$255/mo- Down payment
- $26,602
- Funds due
- $42,239
- Interest + MI left
- $585,122
- First ends
- May 2053
New loan
New conventional
$3,892/mo
+$347/mo- Down payment
- $26,602
- Funds due
- $37,596
- Interest + MI left
- $731,432
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $473,398 | $473,398 | $498,398 |
| Second mortgage | — | $25,000 | — |
| First P&I | $3,128.74 | $3,128.74 | $3,376.32 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $99.68 |
| Taxes, insurance & HOA | $415.67 | $415.67 | $415.67 |
| Total housing payment | $3,544.40 | $3,799.15 | $3,891.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,602
Closing costs & prepaids$15,637
Usable credit−$0
Total buyer cash needed$42,239
Earnest money paid−$0
Remaining funds due$42,239
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,366.99
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)$630.00
Initial HOA (3 months)$117.00
Prepaid interest, first (6 days)$505.82
Prepaid interest, second (6 days)$48.80
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$112,934Through Dec 2026
Assumption only · ends May 2053$518,411
Assumption + second · ends May 2053, second Jan 2057$585,122
New conventional · ends Jan 2057$731,432