Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,327/mo
Lowest payment- Down payment
- $80,084
- Funds due
- $96,579
- Interest + MI left
- $547,458
- First ends
- Mar 2053
Assumption
Assumption + second
$4,837/mo
+$510/mo- Down payment
- $30,084
- Funds due
- $47,845
- Interest + MI left
- $680,878
- First ends
- Mar 2053
New loan
New conventional
$5,002/mo
+$674/mo- Down payment
- $30,084
- Funds due
- $42,921
- Interest + MI left
- $864,350
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $517,916 | $517,916 | $567,916 |
| Second mortgage | — | $50,000 | — |
| First P&I | $3,371.44 | $3,371.44 | $3,932.14 |
| Second P&I | — | $509.50 | — |
| Mortgage insurance | — | — | $113.58 |
| Taxes, insurance & HOA | $956.00 | $956.00 | $956.00 |
| Total housing payment | $4,327.44 | $4,836.94 | $5,001.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,084
Closing costs & prepaids$17,762
Usable credit−$0
Total buyer cash needed$47,845
Earnest money paid−$0
Remaining funds due$47,845
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,589.58
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)$2,332.00
Initial HOA (3 months)$36.00
Prepaid interest, first (1 days)$89.82
Prepaid interest, second (1 days)$16.27
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 4 moOf the original 30-year loan at 6.330%
Interest already paid$123,293Through Nov 2026
Assumption only · ends Mar 2053$547,458
Assumption + second · ends Mar 2053, second Dec 2056$680,878
New conventional · ends Dec 2056$864,350