Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,537/mo
+$1,132/mo- Down payment
- $84,510
- Funds due
- $99,996
- Interest + MI left
- $188,848
- First ends
- Aug 2038
Assumption
Assumption + second
$5,755/mo
+$1,349/mo- Down payment
- $57,510
- Funds due
- $74,259
- Interest + MI left
- $240,057
- First ends
- Aug 2038
New loan
New conventional
$4,406/mo
Lowest payment- Down payment
- $57,510
- Funds due
- $69,229
- Interest + MI left
- $784,657
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $490,390 | $490,390 | $517,390 |
| Second mortgage | — | $27,000 | — |
| First P&I | $4,817.29 | $4,817.29 | $3,582.30 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $103.48 |
| Taxes, insurance & HOA | $720.00 | $720.00 | $720.00 |
| Total housing payment | $5,537.29 | $5,754.54 | $4,405.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,510
Closing costs & prepaids$16,749
Usable credit−$0
Total buyer cash needed$74,259
Earnest money paid−$0
Remaining funds due$74,259
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,451.95
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)$583.00
Initial HOA (3 months)$1,077.00
Prepaid interest, first (2 days)$157.19
Prepaid interest, second (2 days)$13.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing11 yr 9 moOf the original 12-year loan at 5.850%
Interest already paid$7,242Through Nov 2026
Assumption only · ends Aug 2038$188,848
Assumption + second · ends Aug 2038, second Dec 2056$240,057
New conventional · ends Dec 2056$784,657