Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,675/mo
Lowest payment- Down payment
- $63,126
- Funds due
- $80,915
- Interest + MI left
- $792,625
- First ends
- Oct 2055
Assumption
Assumption + second
$4,960/mo
+$285/mo- Down payment
- $35,126
- Funds due
- $54,247
- Interest + MI left
- $867,341
- First ends
- Oct 2055
New loan
New conventional
$5,160/mo
+$485/mo- Down payment
- $35,126
- Funds due
- $48,741
- Interest + MI left
- $968,408
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $631,874 | $631,874 | $659,874 |
| Second mortgage | — | $28,000 | — |
| First P&I | $4,117.05 | $4,117.05 | $4,470.22 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $131.97 |
| Taxes, insurance & HOA | $557.67 | $557.67 | $557.67 |
| Total housing payment | $4,674.72 | $4,960.04 | $5,159.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,126
Closing costs & prepaids$19,122
Usable credit−$0
Total buyer cash needed$54,247
Earnest money paid−$0
Remaining funds due$54,247
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,159.37
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)$834.00
Initial HOA (3 months)$339.00
Prepaid interest, first (9 days)$1,039.22
Prepaid interest, second (9 days)$81.99
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 10 moOf the original 30-year loan at 6.67%
Interest already paid$49,513Through Dec 2026
Assumption only · ends Oct 2055$792,625
Assumption + second · ends Oct 2055, second Jan 2057$867,341
New conventional · ends Jan 2057$968,408