Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,566/mo
Lowest payment- Down payment
- $86,528
- Funds due
- $104,472
- Interest + MI left
- $747,359
- First ends
- Nov 2055
Assumption
Assumption + second
$5,086/mo
+$520/mo- Down payment
- $35,528
- Funds due
- $54,871
- Interest + MI left
- $883,448
- First ends
- Nov 2055
New loan
New conventional
$5,275/mo
+$708/mo- Down payment
- $35,528
- Funds due
- $49,454
- Interest + MI left
- $973,689
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $612,472 | $612,472 | $663,472 |
| Second mortgage | — | $51,000 | — |
| First P&I | $3,918.82 | $3,918.82 | $4,494.59 |
| Second P&I | — | $519.69 | — |
| Mortgage insurance | — | — | $132.69 |
| Taxes, insurance & HOA | $647.25 | $647.25 | $647.25 |
| Total housing payment | $4,566.07 | $5,085.76 | $5,274.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,528
Closing costs & prepaids$19,343
Usable credit−$0
Total buyer cash needed$54,871
Earnest money paid−$0
Remaining funds due$54,871
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,062.36
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)$838.75
Initial HOA (3 months)$603.00
Prepaid interest, first (9 days)$981.63
Prepaid interest, second (9 days)$149.33
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 11 moOf the original 30-year loan at 6.5%
Interest already paid$43,417Through Dec 2026
Assumption only · ends Nov 2055$747,359
Assumption + second · ends Nov 2055, second Jan 2057$883,448
New conventional · ends Jan 2057$973,689