Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,354/mo
Lowest payment- Down payment
- $77,925
- Funds due
- $93,500
- Interest + MI left
- $374,461
- First ends
- Feb 2047
Assumption
Assumption + second
$4,863/mo
+$510/mo- Down payment
- $27,925
- Funds due
- $44,783
- Interest + MI left
- $507,881
- First ends
- Feb 2047
New loan
New conventional
$4,556/mo
+$202/mo- Down payment
- $27,925
- Funds due
- $40,164
- Interest + MI left
- $777,567
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $460,963 | $460,963 | $510,963 |
| Second mortgage | — | $50,000 | — |
| First P&I | $3,437.96 | $3,437.96 | $3,537.80 |
| Second P&I | — | $509.50 | — |
| Mortgage insurance | — | — | $102.19 |
| Taxes, insurance & HOA | $915.75 | $915.75 | $915.75 |
| Total housing payment | $4,353.71 | $4,863.21 | $4,555.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,925
Closing costs & prepaids$16,858
Usable credit−$0
Total buyer cash needed$44,783
Earnest money paid−$0
Remaining funds due$44,783
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,388.88
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,304.81
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)$1,347.25
Initial HOA (3 months)$900.00
Prepaid interest, first (2 days)$166.20
Prepaid interest, second (2 days)$32.53
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 closing20 yr 3 moOf the original 24-year loan at 6.580%
Interest already paid$118,493Through Nov 2026
Assumption only · ends Feb 2047$374,461
Assumption + second · ends Feb 2047, second Dec 2056$507,881
New conventional · ends Dec 2056$777,567