Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,545/mo
Lowest payment- Down payment
- $64,535
- Funds due
- $78,738
- Interest + MI left
- $535,848
- First ends
- Jul 2053
Assumption
Assumption + second
$3,912/mo
+$367/mo- Down payment
- $28,535
- Funds due
- $44,011
- Interest + MI left
- $631,910
- First ends
- Jul 2053
New loan
New conventional
$4,121/mo
+$575/mo- Down payment
- $28,535
- Funds due
- $39,211
- Interest + MI left
- $813,331
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $498,465 | $498,465 | $534,465 |
| Second mortgage | — | $36,000 | — |
| First P&I | $3,232.23 | $3,232.23 | $3,700.53 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $106.89 |
| Taxes, insurance & HOA | $313.25 | $313.25 | $313.25 |
| Total housing payment | $3,545.48 | $3,912.32 | $4,120.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,535
Closing costs & prepaids$15,477
Usable credit−$0
Total buyer cash needed$44,011
Earnest money paid−$0
Remaining funds due$44,011
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,630.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,492.33
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)$349.75
Initial HOA (3 months)$90.00
Prepaid interest, first (2 days)$173.17
Prepaid interest, second (2 days)$23.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 6.340%
Interest already paid$107,755Through Nov 2026
Assumption only · ends Jul 2053$535,848
Assumption + second · ends Jul 2053, second Dec 2056$631,910
New conventional · ends Dec 2056$813,331