Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,390/mo
Lowest payment- Down payment
- $100,076
- Funds due
- $115,357
- Interest + MI left
- $425,721
- First ends
- May 2053
Assumption
Assumption + second
$3,712/mo
+$322/mo- Down payment
- $60,076
- Funds due
- $76,666
- Interest + MI left
- $501,587
- First ends
- May 2053
New loan
New conventional
$4,216/mo
+$827/mo- Down payment
- $60,076
- Funds due
- $71,689
- Interest + MI left
- $782,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $494,924 | $494,924 | $534,924 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,904.24 | $2,904.24 | $3,623.76 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $106.98 |
| Taxes, insurance & HOA | $485.67 | $485.67 | $485.67 |
| Total housing payment | $3,389.91 | $3,711.76 | $4,216.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,076
Closing costs & prepaids$16,590
Usable credit−$0
Total buyer cash needed$76,666
Earnest money paid−$0
Remaining funds due$76,666
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,474.62
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)$714.00
Initial HOA (3 months)$243.00
Prepaid interest, first (6 days)$431.19
Prepaid interest, second (6 days)$59.18
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 5.3%
Interest already paid$96,806Through Dec 2026
Assumption only · ends May 2053$425,721
Assumption + second · ends May 2053, second Jan 2057$501,587
New conventional · ends Jan 2057$782,147