Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,398/mo
Lowest payment- Down payment
- $55,223
- Funds due
- $69,511
- Interest + MI left
- $476,216
- First ends
- Mar 2053
Assumption
Assumption + second
$3,703/mo
+$306/mo- Down payment
- $25,223
- Funds due
- $40,849
- Interest + MI left
- $556,268
- First ends
- Mar 2053
New loan
New conventional
$3,766/mo
+$368/mo- Down payment
- $25,223
- Funds due
- $36,396
- Interest + MI left
- $689,421
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,772 | $439,772 | $469,772 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,907.90 | $2,907.90 | $3,182.40 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $93.95 |
| Taxes, insurance & HOA | $489.67 | $489.67 | $489.67 |
| Total housing payment | $3,397.57 | $3,703.27 | $3,766.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,223
Closing costs & prepaids$15,626
Usable credit−$0
Total buyer cash needed$40,849
Earnest money paid−$0
Remaining funds due$40,849
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,949.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,198.86
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)$594.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$702.67
Prepaid interest, second (9 days)$87.84
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 3 moOf the original 30-year loan at 6.48%
Interest already paid$109,608Through Dec 2026
Assumption only · ends Mar 2053$476,216
Assumption + second · ends Mar 2053, second Jan 2057$556,268
New conventional · ends Jan 2057$689,421