Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,513/mo
Lowest payment- Down payment
- $152,305
- Funds due
- $170,144
- Interest + MI left
- $572,309
- First ends
- Oct 2050
Assumption
Assumption + second
$5,149/mo
+$636/mo- Down payment
- $73,305
- Funds due
- $92,510
- Interest + MI left
- $722,143
- First ends
- Oct 2050
New loan
New conventional
$5,055/mo
+$542/mo- Down payment
- $73,305
- Funds due
- $86,895
- Interest + MI left
- $952,886
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $572,695 | $572,695 | $651,695 |
| Second mortgage | — | $79,000 | — |
| First P&I | $4,003.51 | $4,003.51 | $4,414.81 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | — | — | $130.34 |
| Taxes, insurance & HOA | $509.75 | $509.75 | $509.75 |
| Total housing payment | $4,513.26 | $5,148.91 | $5,054.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,305
Closing costs & prepaids$19,206
Usable credit−$0
Total buyer cash needed$92,510
Earnest money paid−$0
Remaining funds due$92,510
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,863.48
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)$870.00
Initial HOA (3 months)$9.24
Prepaid interest, first (6 days)$627.92
Prepaid interest, second (6 days)$116.88
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 closing23 yr 10 moOf the original 24-year loan at 6.67%
Interest already paid$6,380Through Dec 2026
Assumption only · ends Oct 2050$572,309
Assumption + second · ends Oct 2050, second Jan 2057$722,143
New conventional · ends Jan 2057$952,886