Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,814/mo
+$695/mo- Down payment
- $68,078
- Funds due
- $85,300
- Interest + MI left
- $293,513
- First ends
- Jun 2041
Assumption
Assumption + second
$6,151/mo
+$1,031/mo- Down payment
- $35,078
- Funds due
- $53,614
- Interest + MI left
- $381,570
- First ends
- Jun 2041
New loan
New conventional
$5,120/mo
Lowest payment- Down payment
- $35,078
- Funds due
- $48,241
- Interest + MI left
- $959,673
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $620,922 | $620,922 | $653,922 |
| Second mortgage | — | $33,000 | — |
| First P&I | $5,255.37 | $5,255.37 | $4,429.90 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $130.78 |
| Taxes, insurance & HOA | $558.92 | $558.92 | $558.92 |
| Total housing payment | $5,814.29 | $6,150.56 | $5,119.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,078
Closing costs & prepaids$18,537
Usable credit−$0
Total buyer cash needed$53,614
Earnest money paid−$0
Remaining funds due$53,614
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,104.61
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)$826.75
Initial HOA (3 months)$350.01
Prepaid interest, first (6 days)$582.82
Prepaid interest, second (6 days)$64.42
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 closing14 yr 6 moOf the original 15-year loan at 5.71%
Interest already paid$17,954Through Dec 2026
Assumption only · ends Jun 2041$293,513
Assumption + second · ends Jun 2041, second Jan 2057$381,570
New conventional · ends Jan 2057$959,673