Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,120/mo
Lowest payment- Down payment
- $61,623
- Funds due
- $74,772
- Interest + MI left
- $442,481
- First ends
- Mar 2053
Assumption
Assumption + second
$3,497/mo
+$377/mo- Down payment
- $24,623
- Funds due
- $39,034
- Interest + MI left
- $541,212
- First ends
- Mar 2053
New loan
New conventional
$3,660/mo
+$540/mo- Down payment
- $24,623
- Funds due
- $34,636
- Interest + MI left
- $700,587
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $423,377 | $423,377 | $460,377 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,740.06 | $2,740.06 | $3,187.56 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $92.08 |
| Taxes, insurance & HOA | $380.17 | $380.17 | $380.17 |
| Total housing payment | $3,120.22 | $3,497.25 | $3,659.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,623
Closing costs & prepaids$14,410
Usable credit−$0
Total buyer cash needed$39,034
Earnest money paid−$0
Remaining funds due$39,034
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,116.88
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)$508.50
Initial HOA (3 months)$132.00
Prepaid interest, first (1 days)$72.73
Prepaid interest, second (1 days)$12.04
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 6.270%
Interest already paid$99,859Through Nov 2026
Assumption only · ends Mar 2053$442,481
Assumption + second · ends Mar 2053, second Dec 2056$541,212
New conventional · ends Dec 2056$700,587