Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,292/mo
Lowest payment- Down payment
- $74,583
- Funds due
- $88,336
- Interest + MI left
- $456,370
- First ends
- Jun 2053
Assumption
Assumption + second
$3,792/mo
+$499/mo- Down payment
- $25,583
- Funds due
- $40,602
- Interest + MI left
- $587,122
- First ends
- Jun 2053
New loan
New conventional
$3,907/mo
+$615/mo- Down payment
- $25,583
- Funds due
- $36,183
- Interest + MI left
- $721,800
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $425,317 | $425,317 | $474,317 |
| Second mortgage | — | $49,000 | — |
| First P&I | $2,763.91 | $2,763.91 | $3,284.08 |
| Second P&I | — | $499.31 | — |
| Mortgage insurance | — | — | $94.86 |
| Taxes, insurance & HOA | $528.41 | $528.41 | $528.41 |
| Total housing payment | $3,292.32 | $3,791.63 | $3,907.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,583
Closing costs & prepaids$15,019
Usable credit−$0
Total buyer cash needed$40,602
Earnest money paid−$0
Remaining funds due$40,602
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,126.58
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)$1,022.75
Initial HOA (3 months)$62.49
Prepaid interest, first (1 days)$73.99
Prepaid interest, second (1 days)$15.94
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 7 moOf the original 30-year loan at 6.350%
Interest already paid$94,447Through Nov 2026
Assumption only · ends Jun 2053$456,370
Assumption + second · ends Jun 2053, second Dec 2056$587,122
New conventional · ends Dec 2056$721,800