Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,256/mo
Lowest payment- Down payment
- $60,701
- Funds due
- $74,183
- Interest + MI left
- $467,836
- First ends
- Jul 2053
Assumption
Assumption + second
$3,613/mo
+$357/mo- Down payment
- $25,701
- Funds due
- $40,444
- Interest + MI left
- $561,231
- First ends
- Jul 2053
New loan
New conventional
$3,784/mo
+$528/mo- Down payment
- $25,701
- Funds due
- $35,976
- Interest + MI left
- $715,533
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,199 | $435,199 | $470,199 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,821.98 | $2,821.98 | $3,255.56 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $94.04 |
| Taxes, insurance & HOA | $434.25 | $434.25 | $434.25 |
| Total housing payment | $3,256.23 | $3,612.89 | $3,783.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,701
Closing costs & prepaids$14,743
Usable credit−$0
Total buyer cash needed$40,444
Earnest money paid−$0
Remaining funds due$40,444
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,959.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,175.99
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)$490.75
Initial HOA (3 months)$312.00
Prepaid interest, first (1 days)$75.59
Prepaid interest, second (1 days)$11.39
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$94,078Through Nov 2026
Assumption only · ends Jul 2053$467,836
Assumption + second · ends Jul 2053, second Dec 2056$561,231
New conventional · ends Dec 2056$715,533