Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,135/mo
Lowest payment- Down payment
- $65,906
- Funds due
- $82,172
- Interest + MI left
- $579,487
- First ends
- Apr 2053
Assumption
Assumption + second
$4,471/mo
+$336/mo- Down payment
- $32,906
- Funds due
- $50,486
- Interest + MI left
- $667,544
- First ends
- Apr 2053
New loan
New conventional
$4,718/mo
+$583/mo- Down payment
- $32,906
- Funds due
- $45,321
- Interest + MI left
- $890,682
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $573,994 | $573,994 | $606,994 |
| Second mortgage | — | $33,000 | — |
| First P&I | $3,650.25 | $3,650.25 | $4,111.99 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $121.40 |
| Taxes, insurance & HOA | $484.67 | $484.67 | $484.67 |
| Total housing payment | $4,134.92 | $4,471.19 | $4,718.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,906
Closing costs & prepaids$17,580
Usable credit−$0
Total buyer cash needed$50,486
Earnest money paid−$0
Remaining funds due$50,486
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,869.97
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)$768.00
Initial HOA (3 months)$186.00
Prepaid interest, first (6 days)$574.62
Prepaid interest, second (6 days)$64.42
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 4 moOf the original 30-year loan at 6.09%
Interest already paid$131,605Through Dec 2026
Assumption only · ends Apr 2053$579,487
Assumption + second · ends Apr 2053, second Jan 2057$667,544
New conventional · ends Jan 2057$890,682