Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,288/mo
+$596/mo- Down payment
- $114,179
- Funds due
- $129,997
- Interest + MI left
- $240,200
- First ends
- Jun 2040
Assumption
Assumption + second
$5,683/mo
+$990/mo- Down payment
- $65,179
- Funds due
- $82,260
- Interest + MI left
- $333,135
- First ends
- Jun 2040
New loan
New conventional
$4,693/mo
Lowest payment- Down payment
- $65,179
- Funds due
- $76,912
- Interest + MI left
- $885,404
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $534,821 | $534,821 | $583,821 |
| Second mortgage | — | $49,000 | — |
| First P&I | $4,754.73 | $4,754.73 | $4,042.26 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $116.76 |
| Taxes, insurance & HOA | $533.67 | $533.67 | $533.67 |
| Total housing payment | $5,288.40 | $5,682.66 | $4,692.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,179
Closing costs & prepaids$17,080
Usable credit−$0
Total buyer cash needed$82,260
Earnest money paid−$0
Remaining funds due$82,260
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,674.10
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Initial HOA (3 months)$1,101.00
Prepaid interest, first (1 days)$85.28
Prepaid interest, second (1 days)$12.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 15-year loan at 5.820%
Interest already paid$45,651Through Nov 2026
Assumption only · ends Jun 2040$240,200
Assumption + second · ends Jun 2040, second Dec 2056$333,135
New conventional · ends Dec 2056$885,404