Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,999/mo
Lowest payment- Down payment
- $73,335
- Funds due
- $89,147
- Interest + MI left
- $538,816
- First ends
- Mar 2053
Assumption
Assumption + second
$4,447/mo
+$448/mo- Down payment
- $29,335
- Funds due
- $46,469
- Interest + MI left
- $656,225
- First ends
- Mar 2053
New loan
New conventional
$4,539/mo
+$541/mo- Down payment
- $29,335
- Funds due
- $41,605
- Interest + MI left
- $815,475
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $511,665 | $511,665 | $555,665 |
| Second mortgage | — | $44,000 | — |
| First P&I | $3,334.86 | $3,334.86 | $3,764.27 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | — | — | $111.13 |
| Taxes, insurance & HOA | $663.92 | $663.92 | $663.92 |
| Total housing payment | $3,998.77 | $4,447.14 | $4,539.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,335
Closing costs & prepaids$17,133
Usable credit−$0
Total buyer cash needed$46,469
Earnest money paid−$0
Remaining funds due$46,469
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%)$2,558.32
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)$1,491.75
Prepaid interest, first (5 days)$443.68
Prepaid interest, second (5 days)$71.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6.33%
Interest already paid$124,658Through Dec 2026
Assumption only · ends Mar 2053$538,816
Assumption + second · ends Mar 2053, second Jan 2057$656,225
New conventional · ends Jan 2057$815,475