Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,405/mo
Lowest payment- Down payment
- $55,066
- Funds due
- $69,480
- Interest + MI left
- $482,785
- First ends
- Jul 2053
Assumption
Assumption + second
$3,700/mo
+$296/mo- Down payment
- $26,066
- Funds due
- $41,815
- Interest + MI left
- $560,169
- First ends
- Jul 2053
New loan
New conventional
$3,821/mo
+$416/mo- Down payment
- $26,066
- Funds due
- $37,320
- Interest + MI left
- $702,771
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $449,934 | $449,934 | $478,934 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,923.89 | $2,923.89 | $3,244.47 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $95.79 |
| Taxes, insurance & HOA | $480.67 | $480.67 | $480.67 |
| Total housing payment | $3,404.55 | $3,700.06 | $3,820.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,066
Closing costs & prepaids$15,749
Usable credit−$0
Total buyer cash needed$41,815
Earnest money paid−$0
Remaining funds due$41,815
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,249.67
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)$606.00
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$704.49
Prepaid interest, second (9 days)$84.91
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 6.35%
Interest already paid$99,914Through Dec 2026
Assumption only · ends Jul 2053$482,785
Assumption + second · ends Jul 2053, second Jan 2057$560,169
New conventional · ends Jan 2057$702,771