Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,286/mo
Lowest payment- Down payment
- $65,260
- Funds due
- $79,407
- Interest + MI left
- $529,562
- First ends
- May 2055
Assumption
Assumption + second
$3,694/mo
+$408/mo- Down payment
- $25,260
- Funds due
- $40,774
- Interest + MI left
- $636,298
- First ends
- May 2055
New loan
New conventional
$3,721/mo
+$435/mo- Down payment
- $25,260
- Funds due
- $36,362
- Interest + MI left
- $679,009
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $422,740 | $422,740 | $462,740 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,792.67 | $2,792.67 | $3,134.76 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $92.55 |
| Taxes, insurance & HOA | $493.50 | $493.50 | $493.50 |
| Total housing payment | $3,286.18 | $3,693.78 | $3,720.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,260
Closing costs & prepaids$15,514
Usable credit−$0
Total buyer cash needed$40,774
Earnest money paid−$0
Remaining funds due$40,774
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,880.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,113.70
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)$585.50
Initial HOA (3 months)$395.01
Prepaid interest, first (9 days)$704.64
Prepaid interest, second (9 days)$117.12
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 5 moOf the original 30-year loan at 6.76%
Interest already paid$45,671Through Dec 2026
Assumption only · ends May 2055$529,562
Assumption + second · ends May 2055, second Jan 2057$636,298
New conventional · ends Jan 2057$679,009