Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,602/mo
Lowest payment- Down payment
- $62,391
- Funds due
- $80,142
- Interest + MI left
- $768,043
- First ends
- Oct 2055
Assumption
Assumption + second
$4,878/mo
+$275/mo- Down payment
- $35,391
- Funds due
- $54,471
- Interest + MI left
- $840,090
- First ends
- Oct 2055
New loan
New conventional
$5,151/mo
+$548/mo- Down payment
- $35,391
- Funds due
- $48,990
- Interest + MI left
- $966,552
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $631,609 | $631,609 | $658,609 |
| Second mortgage | — | $27,000 | — |
| First P&I | $4,045.24 | $4,045.24 | $4,461.65 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $131.72 |
| Taxes, insurance & HOA | $557.25 | $557.25 | $557.25 |
| Total housing payment | $4,602.49 | $4,877.62 | $5,150.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,391
Closing costs & prepaids$19,079
Usable credit−$0
Total buyer cash needed$54,471
Earnest money paid−$0
Remaining funds due$54,471
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,940.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,158.04
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)$832.75
Initial HOA (3 months)$339.00
Prepaid interest, first (9 days)$1,012.30
Prepaid interest, second (9 days)$79.06
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 closing28 yr 10 moOf the original 30-year loan at 6.5%
Interest already paid$48,242Through Dec 2026
Assumption only · ends Oct 2055$768,043
Assumption + second · ends Oct 2055, second Jan 2057$840,090
New conventional · ends Jan 2057$966,552