Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,493/mo
Lowest payment- Down payment
- $110,159
- Funds due
- $124,672
- Interest + MI left
- $504,754
- First ends
- May 2053
Assumption
Assumption + second
$3,904/mo
+$410/mo- Down payment
- $59,159
- Funds due
- $74,935
- Interest + MI left
- $601,483
- First ends
- May 2053
New loan
New conventional
$4,159/mo
+$665/mo- Down payment
- $59,159
- Funds due
- $69,938
- Interest + MI left
- $797,368
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $474,841 | $474,841 | $525,841 |
| Second mortgage | — | $51,000 | — |
| First P&I | $3,080.49 | $3,080.49 | $3,640.82 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $105.17 |
| Taxes, insurance & HOA | $413.00 | $413.00 | $413.00 |
| Total housing payment | $3,493.48 | $3,903.84 | $4,158.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,159
Closing costs & prepaids$15,776
Usable credit−$0
Total buyer cash needed$74,935
Earnest money paid−$0
Remaining funds due$74,935
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,374.21
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)$624.00
Initial HOA (3 months)$114.99
Prepaid interest, first (1 days)$82.22
Prepaid interest, second (1 days)$12.58
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 6 moOf the original 30-year loan at 6.320%
Interest already paid$107,591Through Nov 2026
Assumption only · ends May 2053$504,754
Assumption + second · ends May 2053, second Dec 2056$601,483
New conventional · ends Dec 2056$797,368