Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,533/mo
Lowest payment- Down payment
- $53,233
- Funds due
- $68,435
- Interest + MI left
- $490,993
- First ends
- Feb 2054
Assumption
Assumption + second
$3,788/mo
+$255/mo- Down payment
- $28,233
- Funds due
- $44,758
- Interest + MI left
- $557,703
- First ends
- Feb 2054
New loan
New conventional
$4,162/mo
+$629/mo- Down payment
- $28,233
- Funds due
- $40,071
- Interest + MI left
- $773,065
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $501,767 | $501,767 | $526,767 |
| Second mortgage | — | $25,000 | — |
| First P&I | $3,045.28 | $3,045.28 | $3,568.50 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $105.35 |
| Taxes, insurance & HOA | $487.67 | $487.67 | $487.67 |
| Total housing payment | $3,532.94 | $3,787.69 | $4,161.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,233
Closing costs & prepaids$16,524
Usable credit−$0
Total buyer cash needed$44,758
Earnest money paid−$0
Remaining funds due$44,758
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,508.83
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)$666.00
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$711.41
Prepaid interest, second (9 days)$73.20
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 closing27 yr 2 moOf the original 30-year loan at 5.75%
Interest already paid$83,473Through Dec 2026
Assumption only · ends Feb 2054$490,993
Assumption + second · ends Feb 2054, second Jan 2057$557,703
New conventional · ends Jan 2057$773,065