Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,043/mo
Lowest payment- Down payment
- $73,919
- Funds due
- $89,377
- Interest + MI left
- $597,677
- First ends
- Jul 2053
Assumption
Assumption + second
$4,471/mo
+$428/mo- Down payment
- $31,919
- Funds due
- $48,641
- Interest + MI left
- $709,749
- First ends
- Jul 2053
New loan
New conventional
$4,698/mo
+$655/mo- Down payment
- $31,919
- Funds due
- $43,510
- Interest + MI left
- $909,988
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $555,981 | $555,981 | $597,981 |
| Second mortgage | — | $42,000 | — |
| First P&I | $3,605.18 | $3,605.18 | $4,140.30 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | — | — | $119.60 |
| Taxes, insurance & HOA | $438.17 | $438.17 | $438.17 |
| Total housing payment | $4,043.35 | $4,471.33 | $4,698.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,919
Closing costs & prepaids$16,722
Usable credit−$0
Total buyer cash needed$48,641
Earnest money paid−$0
Remaining funds due$48,641
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,779.90
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)$660.00
Initial HOA (3 months)$154.50
Prepaid interest, first (1 days)$96.57
Prepaid interest, second (1 days)$13.66
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 8 moOf the original 30-year loan at 6.340%
Interest already paid$120,188Through Nov 2026
Assumption only · ends Jul 2053$597,677
Assumption + second · ends Jul 2053, second Dec 2056$709,749
New conventional · ends Dec 2056$909,988