Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,319/mo
Lowest payment- Down payment
- $56,697
- Funds due
- $70,149
- Interest + MI left
- $478,593
- First ends
- Mar 2053
Assumption
Assumption + second
$3,635/mo
+$316/mo- Down payment
- $25,697
- Funds due
- $40,409
- Interest + MI left
- $561,314
- First ends
- Mar 2053
New loan
New conventional
$3,769/mo
+$450/mo- Down payment
- $25,697
- Funds due
- $35,915
- Interest + MI left
- $717,213
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $440,303 | $440,303 | $471,303 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,907.90 | $2,907.90 | $3,263.21 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $94.26 |
| Taxes, insurance & HOA | $411.42 | $411.42 | $411.42 |
| Total housing payment | $3,319.32 | $3,635.21 | $3,768.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,697
Closing costs & prepaids$14,712
Usable credit−$0
Total buyer cash needed$40,409
Earnest money paid−$0
Remaining funds due$40,409
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,970.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,201.51
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)$359.25
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$78.17
Prepaid interest, second (1 days)$10.09
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 4 moOf the original 30-year loan at 6.480%
Interest already paid$107,230Through Nov 2026
Assumption only · ends Mar 2053$478,593
Assumption + second · ends Mar 2053, second Dec 2056$561,314
New conventional · ends Dec 2056$717,213