Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,086/mo
Lowest payment- Down payment
- $512,110
- Funds due
- $524,669
- Interest + MI left
- $32,515
- First ends
- Jun 2040
Assumption
Assumption + second
$4,332/mo
+$3,245/mo- Down payment
- $59,110
- Funds due
- $73,496
- Interest + MI left
- $747,840
- First ends
- Jun 2040
New loan
New conventional
$4,103/mo
+$3,017/mo- Down payment
- $59,110
- Funds due
- $70,472
- Interest + MI left
- $768,938
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $72,890 | $72,890 | $525,890 |
| Second mortgage | — | $453,000 | — |
| First P&I | $650.65 | $650.65 | $3,562.56 |
| Second P&I | — | $3,245.35 | — |
| Mortgage insurance | — | — | $105.18 |
| Taxes, insurance & HOA | $435.67 | $435.67 | $435.67 |
| Total housing payment | $1,086.31 | $4,331.66 | $4,103.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,110
Closing costs & prepaids$14,386
Usable credit−$0
Total buyer cash needed$73,496
Earnest money paid−$0
Remaining funds due$73,496
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$364.45
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)$702.00
Initial HOA (3 months)$105.00
Prepaid interest, first (6 days)$69.74
Prepaid interest, second (6 days)$577.11
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 closing13 yr 6 moOf the original 15-year loan at 5.82%
Interest already paid$6,602Through Dec 2026
Assumption only · ends Jun 2040$32,515
Assumption + second · ends Jun 2040, second Jan 2057$747,840
New conventional · ends Jan 2057$768,938