Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,626/mo
Lowest payment- Down payment
- $81,551
- Funds due
- $99,616
- Interest + MI left
- $766,349
- First ends
- Apr 2055
Assumption
Assumption + second
$5,094/mo
+$469/mo- Down payment
- $35,551
- Funds due
- $54,955
- Interest + MI left
- $889,096
- First ends
- Apr 2055
New loan
New conventional
$5,227/mo
+$601/mo- Down payment
- $35,551
- Funds due
- $49,436
- Interest + MI left
- $989,798
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $628,449 | $628,449 | $674,449 |
| Second mortgage | — | $46,000 | — |
| First P&I | $4,102.35 | $4,102.35 | $4,568.95 |
| Second P&I | — | $468.74 | — |
| Mortgage insurance | — | — | $134.89 |
| Taxes, insurance & HOA | $523.17 | $523.17 | $523.17 |
| Total housing payment | $4,625.52 | $5,094.26 | $5,227.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,551
Closing costs & prepaids$19,404
Usable credit−$0
Total buyer cash needed$54,955
Earnest money paid−$0
Remaining funds due$54,955
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,142.25
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$852.00
Initial HOA (3 months)$67.50
Prepaid interest, first (6 days)$684.92
Prepaid interest, second (6 days)$89.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 4 moOf the original 30-year loan at 6.63%
Interest already paid$70,146Through Dec 2026
Assumption only · ends Apr 2055$766,349
Assumption + second · ends Apr 2055, second Jan 2057$889,096
New conventional · ends Jan 2057$989,798