Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,554/mo
Lowest payment- Down payment
- $153,923
- Funds due
- $169,935
- Interest + MI left
- $462,895
- First ends
- Nov 2052
Assumption
Assumption + second
$4,270/mo
+$716/mo- Down payment
- $64,923
- Funds due
- $82,383
- Interest + MI left
- $631,697
- First ends
- Nov 2052
New loan
New conventional
$4,513/mo
+$959/mo- Down payment
- $64,923
- Funds due
- $77,375
- Interest + MI left
- $840,858
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $486,077 | $486,077 | $575,077 |
| Second mortgage | — | $89,000 | — |
| First P&I | $3,051.36 | $3,051.36 | $3,895.77 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $115.02 |
| Taxes, insurance & HOA | $502.67 | $502.67 | $502.67 |
| Total housing payment | $3,554.03 | $4,270.14 | $4,513.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,923
Closing costs & prepaids$17,460
Usable credit−$0
Total buyer cash needed$82,383
Earnest money paid−$0
Remaining funds due$82,383
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,430.38
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)$768.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$705.94
Prepaid interest, second (9 days)$197.51
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 closing25 yr 11 moOf the original 30-year loan at 5.89%
Interest already paid$120,594Through Dec 2026
Assumption only · ends Nov 2052$462,895
Assumption + second · ends Nov 2052, second Jan 2057$631,697
New conventional · ends Jan 2057$840,858