Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,564/mo
Lowest payment- Down payment
- $49,645
- Funds due
- $63,445
- Interest + MI left
- $500,347
- First ends
- Jan 2053
Assumption
Assumption + second
$3,819/mo
+$255/mo- Down payment
- $24,645
- Funds due
- $39,703
- Interest + MI left
- $567,057
- First ends
- Jan 2053
New loan
New conventional
$3,843/mo
+$279/mo- Down payment
- $24,645
- Funds due
- $35,265
- Interest + MI left
- $692,792
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $430,255 | $430,255 | $455,255 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,963.70 | $2,963.70 | $3,152.09 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $91.05 |
| Taxes, insurance & HOA | $600.08 | $600.08 | $600.08 |
| Total housing payment | $3,563.78 | $3,818.53 | $3,843.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,645
Closing costs & prepaids$15,058
Usable credit−$0
Total buyer cash needed$39,703
Earnest money paid−$0
Remaining funds due$39,703
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,151.27
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)$805.25
Initial HOA (3 months)$495.00
Prepaid interest, first (1 days)$81.34
Prepaid interest, second (1 days)$8.13
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 2 moOf the original 30-year loan at 6.900%
Interest already paid$116,585Through Nov 2026
Assumption only · ends Jan 2053$500,347
Assumption + second · ends Jan 2053, second Dec 2056$567,057
New conventional · ends Dec 2056$692,792