Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,265/mo
Lowest payment- Down payment
- $67,685
- Funds due
- $81,188
- Interest + MI left
- $492,112
- First ends
- Mar 2053
Assumption
Assumption + second
$3,673/mo
+$408/mo- Down payment
- $27,685
- Funds due
- $42,465
- Interest + MI left
- $598,848
- First ends
- Mar 2053
New loan
New conventional
$3,843/mo
+$578/mo- Down payment
- $27,685
- Funds due
- $37,826
- Interest + MI left
- $772,015
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $467,315 | $467,315 | $507,315 |
| Second mortgage | — | $40,000 | — |
| First P&I | $3,036.16 | $3,036.16 | $3,512.55 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $101.46 |
| Taxes, insurance & HOA | $229.00 | $229.00 | $229.00 |
| Total housing payment | $3,265.16 | $3,672.77 | $3,843.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,685
Closing costs & prepaids$14,779
Usable credit−$0
Total buyer cash needed$42,465
Earnest money paid−$0
Remaining funds due$42,465
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,336.57
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)$99.50
Initial HOA (3 months)$87.51
Prepaid interest, first (2 days)$161.58
Prepaid interest, second (2 days)$26.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.310%
Interest already paid$110,906Through Nov 2026
Assumption only · ends Mar 2053$492,112
Assumption + second · ends Mar 2053, second Dec 2056$598,848
New conventional · ends Dec 2056$772,015