Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,885/mo
Lowest payment- Down payment
- $57,583
- Funds due
- $72,692
- Interest + MI left
- $525,484
- First ends
- Feb 2053
Assumption
Assumption + second
$4,170/mo
+$285/mo- Down payment
- $29,583
- Funds due
- $45,951
- Interest + MI left
- $600,199
- First ends
- Feb 2053
New loan
New conventional
$4,455/mo
+$571/mo- Down payment
- $29,583
- Funds due
- $41,044
- Interest + MI left
- $828,476
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $516,417 | $516,417 | $544,417 |
| Second mortgage | — | $28,000 | — |
| First P&I | $3,307.62 | $3,307.62 | $3,769.43 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $108.88 |
| Taxes, insurance & HOA | $577.08 | $577.08 | $577.08 |
| Total housing payment | $3,884.70 | $4,170.03 | $4,455.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,583
Closing costs & prepaids$16,367
Usable credit−$0
Total buyer cash needed$45,951
Earnest money paid−$0
Remaining funds due$45,951
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,740.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,582.08
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)$706.25
Initial HOA (3 months)$525.00
Prepaid interest, first (1 days)$87.01
Prepaid interest, second (1 days)$9.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing26 yr 3 moOf the original 30-year loan at 6.150%
Interest already paid$122,340Through Nov 2026
Assumption only · ends Feb 2053$525,484
Assumption + second · ends Feb 2053, second Dec 2056$600,199
New conventional · ends Dec 2056$828,476