Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,879/mo
Lowest payment- Down payment
- $58,244
- Funds due
- $74,027
- Interest + MI left
- $522,837
- First ends
- Feb 2053
Assumption
Assumption + second
$4,174/mo
+$296/mo- Down payment
- $29,244
- Funds due
- $46,362
- Interest + MI left
- $600,221
- First ends
- Feb 2053
New loan
New conventional
$4,371/mo
+$492/mo- Down payment
- $29,244
- Funds due
- $41,545
- Interest + MI left
- $799,465
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $515,756 | $515,756 | $544,756 |
| Second mortgage | — | $29,000 | — |
| First P&I | $3,307.62 | $3,307.62 | $3,690.37 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $108.95 |
| Taxes, insurance & HOA | $571.25 | $571.25 | $571.25 |
| Total housing payment | $3,878.87 | $4,174.38 | $4,370.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,244
Closing costs & prepaids$17,118
Usable credit−$0
Total buyer cash needed$46,362
Earnest money paid−$0
Remaining funds due$46,362
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,740.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,578.78
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)$688.75
Initial HOA (3 months)$525.00
Prepaid interest, first (9 days)$782.11
Prepaid interest, second (9 days)$84.91
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 2 moOf the original 30-year loan at 6.15%
Interest already paid$124,986Through Dec 2026
Assumption only · ends Feb 2053$522,837
Assumption + second · ends Feb 2053, second Jan 2057$600,221
New conventional · ends Jan 2057$799,465