Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,813/mo
Lowest payment- Down payment
- $119,155
- Funds due
- $135,343
- Interest + MI left
- $640,026
- First ends
- Nov 2055
Assumption
Assumption + second
$4,256/mo
+$443/mo- Down payment
- $64,155
- Funds due
- $81,715
- Interest + MI left
- $744,342
- First ends
- Nov 2055
New loan
New conventional
$4,467/mo
+$654/mo- Down payment
- $64,155
- Funds due
- $76,499
- Interest + MI left
- $836,132
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $516,845 | $516,845 | $571,845 |
| Second mortgage | — | $55,000 | — |
| First P&I | $3,333.92 | $3,333.92 | $3,873.88 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | — | — | $114.37 |
| Taxes, insurance & HOA | $479.25 | $479.25 | $479.25 |
| Total housing payment | $3,813.18 | $4,255.72 | $4,467.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,155
Closing costs & prepaids$17,561
Usable credit−$0
Total buyer cash needed$81,715
Earnest money paid−$0
Remaining funds due$81,715
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,360.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,584.23
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)$763.25
Initial HOA (3 months)$174.51
Prepaid interest, first (9 days)$838.56
Prepaid interest, second (9 days)$122.05
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 6.58%
Interest already paid$37,085Through Dec 2026
Assumption only · ends Nov 2055$640,026
Assumption + second · ends Nov 2055, second Jan 2057$744,342
New conventional · ends Jan 2057$836,132