Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,339/mo
Lowest payment- Down payment
- $78,947
- Funds due
- $93,565
- Interest + MI left
- $544,288
- First ends
- Nov 2055
Assumption
Assumption + second
$3,548/mo
+$209/mo- Down payment
- $52,947
- Funds due
- $68,872
- Interest + MI left
- $593,601
- First ends
- Nov 2055
New loan
New conventional
$3,777/mo
+$438/mo- Down payment
- $52,947
- Funds due
- $64,132
- Interest + MI left
- $690,220
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $446,053 | $446,053 | $472,053 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,854.01 | $2,854.01 | $3,197.85 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $94.41 |
| Taxes, insurance & HOA | $484.67 | $484.67 | $484.67 |
| Total housing payment | $3,338.68 | $3,547.88 | $3,776.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,947
Closing costs & prepaids$15,925
Usable credit−$0
Total buyer cash needed$68,872
Earnest money paid−$0
Remaining funds due$68,872
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,230.26
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)$630.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$714.91
Prepaid interest, second (9 days)$57.70
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$31,620Through Dec 2026
Assumption only · ends Nov 2055$544,288
Assumption + second · ends Nov 2055, second Jan 2057$593,601
New conventional · ends Jan 2057$690,220