Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,519/mo
Lowest payment- Down payment
- $110,738
- Funds due
- $125,984
- Interest + MI left
- $502,253
- First ends
- May 2053
Assumption
Assumption + second
$3,938/mo
+$418/mo- Down payment
- $58,738
- Funds due
- $75,349
- Interest + MI left
- $600,879
- First ends
- May 2053
New loan
New conventional
$4,109/mo
+$590/mo- Down payment
- $58,738
- Funds due
- $70,424
- Interest + MI left
- $769,482
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $474,262 | $474,262 | $526,262 |
| Second mortgage | — | $52,000 | — |
| First P&I | $3,080.49 | $3,080.49 | $3,565.08 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | — | — | $105.25 |
| Taxes, insurance & HOA | $439.00 | $439.00 | $439.00 |
| Total housing payment | $3,519.48 | $3,937.89 | $4,109.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,738
Closing costs & prepaids$16,611
Usable credit−$0
Total buyer cash needed$75,349
Earnest money paid−$0
Remaining funds due$75,349
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,371.31
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)$702.00
Initial HOA (3 months)$114.99
Prepaid interest, first (9 days)$739.07
Prepaid interest, second (9 days)$115.40
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 6.32%
Interest already paid$110,092Through Dec 2026
Assumption only · ends May 2053$502,253
Assumption + second · ends May 2053, second Jan 2057$600,879
New conventional · ends Jan 2057$769,482