Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,921/mo
Lowest payment- Down payment
- $100,072
- Funds due
- $116,326
- Interest + MI left
- $545,433
- First ends
- May 2053
Assumption
Assumption + second
$4,227/mo
+$306/mo- Down payment
- $62,072
- Funds due
- $79,660
- Interest + MI left
- $617,505
- First ends
- May 2053
New loan
New conventional
$4,452/mo
+$530/mo- Down payment
- $62,072
- Funds due
- $74,496
- Interest + MI left
- $815,783
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $519,928 | $519,928 | $557,928 |
| Second mortgage | — | $38,000 | — |
| First P&I | $3,360.76 | $3,360.76 | $3,779.60 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | — | — | $111.59 |
| Taxes, insurance & HOA | $560.67 | $560.67 | $560.67 |
| Total housing payment | $3,921.42 | $4,227.18 | $4,451.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,072
Closing costs & prepaids$17,588
Usable credit−$0
Total buyer cash needed$79,660
Earnest money paid−$0
Remaining funds due$79,660
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%)$2,599.64
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)$744.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$803.82
Prepaid interest, second (9 days)$84.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 6.27%
Interest already paid$119,763Through Dec 2026
Assumption only · ends May 2053$545,433
Assumption + second · ends May 2053, second Jan 2057$617,505
New conventional · ends Jan 2057$815,783