Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,732/mo
+$634/mo- Down payment
- $56,621
- Funds due
- $71,530
- Interest + MI left
- $329,661
- First ends
- Jan 2043
Assumption
Assumption + second
$5,028/mo
+$929/mo- Down payment
- $27,621
- Funds due
- $43,836
- Interest + MI left
- $407,045
- First ends
- Jan 2043
New loan
New conventional
$4,099/mo
Lowest payment- Down payment
- $27,621
- Funds due
- $39,071
- Interest + MI left
- $756,352
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $486,379 | $486,379 | $515,379 |
| Second mortgage | — | $29,000 | — |
| First P&I | $4,228.19 | $4,228.19 | $3,491.36 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $103.08 |
| Taxes, insurance & HOA | $504.16 | $504.16 | $504.16 |
| Total housing payment | $4,732.35 | $5,027.86 | $4,098.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,621
Closing costs & prepaids$16,215
Usable credit−$0
Total buyer cash needed$43,836
Earnest money paid−$0
Remaining funds due$43,836
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,430.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,431.89
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)$651.50
Initial HOA (3 months)$360.99
Prepaid interest, first (6 days)$566.06
Prepaid interest, second (6 days)$56.61
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 closing16 yr 1 moOf the original 20-year loan at 7.08%
Interest already paid$143,104Through Dec 2026
Assumption only · ends Jan 2043$329,661
Assumption + second · ends Jan 2043, second Jan 2057$407,045
New conventional · ends Jan 2057$756,352