Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,962/mo
Lowest payment- Down payment
- $90,260
- Funds due
- $106,162
- Interest + MI left
- $594,795
- First ends
- Aug 2053
Assumption
Assumption + second
$4,204/mo
+$241/mo- Down payment
- $60,260
- Funds due
- $77,478
- Interest + MI left
- $651,694
- First ends
- Aug 2053
New loan
New conventional
$4,275/mo
+$313/mo- Down payment
- $60,260
- Funds due
- $72,320
- Interest + MI left
- $789,189
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $509,740 | $509,740 | $539,740 |
| Second mortgage | — | $30,000 | — |
| First P&I | $3,451.67 | $3,451.67 | $3,656.39 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $107.95 |
| Taxes, insurance & HOA | $510.67 | $510.67 | $510.67 |
| Total housing payment | $3,962.34 | $4,203.73 | $4,275.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,260
Closing costs & prepaids$17,219
Usable credit−$0
Total buyer cash needed$77,478
Earnest money paid−$0
Remaining funds due$77,478
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,548.70
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)$720.00
Initial HOA (3 months)$312.00
Prepaid interest, first (9 days)$853.43
Prepaid interest, second (9 days)$66.58
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 8 moOf the original 30-year loan at 6.79%
Interest already paid$117,807Through Dec 2026
Assumption only · ends Aug 2053$594,795
Assumption + second · ends Aug 2053, second Jan 2057$651,694
New conventional · ends Jan 2057$789,189