Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,018/mo
Lowest payment- Down payment
- $99,431
- Funds due
- $115,352
- Interest + MI left
- $548,153
- First ends
- May 2053
Assumption
Assumption + second
$4,315/mo
+$298/mo- Down payment
- $62,431
- Funds due
- $79,620
- Interest + MI left
- $618,328
- First ends
- May 2053
New loan
New conventional
$4,629/mo
+$611/mo- Down payment
- $62,431
- Funds due
- $74,378
- Interest + MI left
- $845,591
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $520,569 | $520,569 | $557,569 |
| Second mortgage | — | $37,000 | — |
| First P&I | $3,360.76 | $3,360.76 | $3,860.50 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $111.51 |
| Taxes, insurance & HOA | $656.83 | $656.83 | $656.83 |
| Total housing payment | $4,017.59 | $4,315.30 | $4,628.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,431
Closing costs & prepaids$17,188
Usable credit−$0
Total buyer cash needed$79,620
Earnest money paid−$0
Remaining funds due$79,620
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,602.84
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)$1,032.50
Initial HOA (3 months)$438.00
Prepaid interest, first (2 days)$178.85
Prepaid interest, second (2 days)$18.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.270%
Interest already paid$117,043Through Nov 2026
Assumption only · ends May 2053$548,153
Assumption + second · ends May 2053, second Dec 2056$618,328
New conventional · ends Dec 2056$845,591