Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,654/mo
Lowest payment- Down payment
- $65,133
- Funds due
- $80,264
- Interest + MI left
- $533,214
- First ends
- Jul 2053
Assumption
Assumption + second
$4,021/mo
+$367/mo- Down payment
- $29,133
- Funds due
- $45,620
- Interest + MI left
- $629,277
- First ends
- Jul 2053
New loan
New conventional
$4,145/mo
+$491/mo- Down payment
- $29,133
- Funds due
- $40,857
- Interest + MI left
- $783,378
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $497,867 | $497,867 | $533,867 |
| Second mortgage | — | $36,000 | — |
| First P&I | $3,232.23 | $3,232.23 | $3,616.60 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $106.77 |
| Taxes, insurance & HOA | $421.83 | $421.83 | $421.83 |
| Total housing payment | $3,654.06 | $4,020.90 | $4,145.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,133
Closing costs & prepaids$16,487
Usable credit−$0
Total buyer cash needed$45,620
Earnest money paid−$0
Remaining funds due$45,620
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,630.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,489.33
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)$675.50
Initial HOA (3 months)$90.00
Prepaid interest, first (9 days)$778.31
Prepaid interest, second (9 days)$105.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.34%
Interest already paid$110,388Through Dec 2026
Assumption only · ends Jul 2053$533,214
Assumption + second · ends Jul 2053, second Jan 2057$629,277
New conventional · ends Jan 2057$783,378