Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,941/mo
Lowest payment- Down payment
- $140,719
- Funds due
- $156,904
- Interest + MI left
- $542,423
- First ends
- Mar 2053
Assumption
Assumption + second
$4,520/mo
+$579/mo- Down payment
- $68,719
- Funds due
- $86,189
- Interest + MI left
- $678,981
- First ends
- Mar 2053
New loan
New conventional
$4,864/mo
+$924/mo- Down payment
- $68,719
- Funds due
- $80,805
- Interest + MI left
- $923,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $537,281 | $537,281 | $609,281 |
| Second mortgage | — | $72,000 | — |
| First P&I | $3,416.78 | $3,416.78 | $4,218.54 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | — | — | $121.86 |
| Taxes, insurance & HOA | $523.75 | $523.75 | $523.75 |
| Total housing payment | $3,940.53 | $4,519.86 | $4,864.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,719
Closing costs & prepaids$17,470
Usable credit−$0
Total buyer cash needed$86,189
Earnest money paid−$0
Remaining funds due$86,189
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,780.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,686.41
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)$717.25
Initial HOA (3 months)$354.00
Prepaid interest, first (2 days)$179.29
Prepaid interest, second (2 days)$35.51
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 4 moOf the original 30-year loan at 6.090%
Interest already paid$123,188Through Nov 2026
Assumption only · ends Mar 2053$542,423
Assumption + second · ends Mar 2053, second Dec 2056$678,981
New conventional · ends Dec 2056$923,894