Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,105/mo
Lowest payment- Down payment
- $57,104
- Funds due
- $73,280
- Interest + MI left
- $539,232
- First ends
- Mar 2053
Assumption
Assumption + second
$4,390/mo
+$285/mo- Down payment
- $29,104
- Funds due
- $46,594
- Interest + MI left
- $613,948
- First ends
- Mar 2053
New loan
New conventional
$4,556/mo
+$451/mo- Down payment
- $29,104
- Funds due
- $41,736
- Interest + MI left
- $801,138
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $517,896 | $517,896 | $545,896 |
| Second mortgage | — | $28,000 | — |
| First P&I | $3,355.96 | $3,355.96 | $3,698.09 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $109.18 |
| Taxes, insurance & HOA | $748.67 | $748.67 | $748.67 |
| Total housing payment | $4,104.63 | $4,389.95 | $4,555.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,104
Closing costs & prepaids$17,490
Usable credit−$0
Total buyer cash needed$46,594
Earnest money paid−$0
Remaining funds due$46,594
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,589.48
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)$690.00
Initial HOA (3 months)$1,056.00
Prepaid interest, first (7 days)$622.75
Prepaid interest, second (7 days)$63.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3 moOf the original 30-year loan at 6.27%
Interest already paid$125,015Through Dec 2026
Assumption only · ends Mar 2053$539,232
Assumption + second · ends Mar 2053, second Jan 2057$613,948
New conventional · ends Jan 2057$801,138