Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,072/mo
Lowest payment- Down payment
- $74,497
- Funds due
- $88,167
- Interest + MI left
- $428,909
- First ends
- Mar 2053
Assumption
Assumption + second
$3,281/mo
+$209/mo- Down payment
- $48,497
- Funds due
- $63,475
- Interest + MI left
- $478,221
- First ends
- Mar 2053
New loan
New conventional
$3,413/mo
+$342/mo- Down payment
- $48,497
- Funds due
- $59,008
- Interest + MI left
- $623,533
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $400,503 | $400,503 | $426,503 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,633.05 | $2,633.05 | $2,889.28 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $85.30 |
| Taxes, insurance & HOA | $438.67 | $438.67 | $438.67 |
| Total housing payment | $3,071.72 | $3,280.92 | $3,413.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,497
Closing costs & prepaids$14,978
Usable credit−$0
Total buyer cash needed$63,475
Earnest money paid−$0
Remaining funds due$63,475
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,002.52
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)$570.00
Initial HOA (3 months)$246.00
Prepaid interest, first (9 days)$634.00
Prepaid interest, second (9 days)$57.70
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 6.42%
Interest already paid$98,923Through Dec 2026
Assumption only · ends Mar 2053$428,909
Assumption + second · ends Mar 2053, second Jan 2057$478,221
New conventional · ends Jan 2057$623,533