Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,461/mo
Lowest payment- Down payment
- $67,463
- Funds due
- $81,531
- Interest + MI left
- $491,850
- First ends
- Jul 2053
Assumption
Assumption + second
$3,879/mo
+$418/mo- Down payment
- $26,463
- Funds due
- $41,795
- Interest + MI left
- $601,254
- First ends
- Jul 2053
New loan
New conventional
$4,046/mo
+$585/mo- Down payment
- $26,463
- Funds due
- $37,207
- Interest + MI left
- $758,757
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $457,537 | $457,537 | $498,537 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,966.83 | $2,966.83 | $3,451.77 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | — | — | $99.71 |
| Taxes, insurance & HOA | $494.25 | $494.25 | $494.25 |
| Total housing payment | $3,461.09 | $3,878.88 | $4,045.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,463
Closing costs & prepaids$15,331
Usable credit−$0
Total buyer cash needed$41,795
Earnest money paid−$0
Remaining funds due$41,795
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%)$2,287.68
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)$912.50
Initial HOA (3 months)$70.26
Prepaid interest, first (1 days)$79.47
Prepaid interest, second (1 days)$13.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$98,907Through Nov 2026
Assumption only · ends Jul 2053$491,850
Assumption + second · ends Jul 2053, second Dec 2056$601,254
New conventional · ends Dec 2056$758,757