Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,291/mo
Lowest payment- Down payment
- $61,224
- Funds due
- $75,411
- Interest + MI left
- $465,537
- First ends
- Jul 2053
Assumption
Assumption + second
$3,658/mo
+$367/mo- Down payment
- $25,224
- Funds due
- $40,766
- Interest + MI left
- $561,600
- First ends
- Jul 2053
New loan
New conventional
$3,752/mo
+$461/mo- Down payment
- $25,224
- Funds due
- $36,346
- Interest + MI left
- $690,748
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,676 | $434,676 | $470,676 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,821.98 | $2,821.98 | $3,188.52 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $94.14 |
| Taxes, insurance & HOA | $469.00 | $469.00 | $469.00 |
| Total housing payment | $3,290.98 | $3,657.83 | $3,751.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,224
Closing costs & prepaids$15,542
Usable credit−$0
Total buyer cash needed$40,766
Earnest money paid−$0
Remaining funds due$40,766
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,959.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,173.38
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)$595.00
Initial HOA (3 months)$312.00
Prepaid interest, first (9 days)$679.52
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$96,377Through Dec 2026
Assumption only · ends Jul 2053$465,537
Assumption + second · ends Jul 2053, second Jan 2057$561,600
New conventional · ends Jan 2057$690,748