Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,010/mo
Lowest payment- Down payment
- $55,389
- Funds due
- $67,965
- Interest + MI left
- $425,686
- First ends
- Apr 2053
Assumption
Assumption + second
$3,336/mo
+$326/mo- Down payment
- $23,389
- Funds due
- $37,225
- Interest + MI left
- $511,075
- First ends
- Apr 2053
New loan
New conventional
$3,461/mo
+$451/mo- Down payment
- $23,389
- Funds due
- $32,982
- Interest + MI left
- $649,050
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $394,511 | $394,511 | $426,511 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,587.37 | $2,587.37 | $2,953.08 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $85.30 |
| Taxes, insurance & HOA | $422.25 | $422.25 | $422.25 |
| Total housing payment | $3,009.62 | $3,335.70 | $3,460.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,389
Closing costs & prepaids$13,836
Usable credit−$0
Total buyer cash needed$37,225
Earnest money paid−$0
Remaining funds due$37,225
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,972.55
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$704.25
Initial HOA (3 months)$112.50
Prepaid interest, first (1 days)$69.39
Prepaid interest, second (1 days)$10.41
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 5 moOf the original 30-year loan at 6.420%
Interest already paid$92,988Through Nov 2026
Assumption only · ends Apr 2053$425,686
Assumption + second · ends Apr 2053, second Dec 2056$511,075
New conventional · ends Dec 2056$649,050