Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,353/mo
+$530/mo- Down payment
- $47,727
- Funds due
- $58,912
- Interest + MI left
- $125,723
- First ends
- Mar 2039
Assumption
Assumption + second
$3,648/mo
+$826/mo- Down payment
- $18,727
- Funds due
- $31,171
- Interest + MI left
- $203,107
- First ends
- Mar 2039
New loan
New conventional
$2,823/mo
Lowest payment- Down payment
- $18,727
- Funds due
- $27,414
- Interest + MI left
- $511,662
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,273 | $307,273 | $336,273 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,925.65 | $2,925.65 | $2,328.29 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $67.25 |
| Taxes, insurance & HOA | $427.00 | $427.00 | $427.00 |
| Total housing payment | $3,352.65 | $3,648.16 | $2,822.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,727
Closing costs & prepaids$12,444
Usable credit−$0
Total buyer cash needed$31,171
Earnest money paid−$0
Remaining funds due$31,171
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,536.37
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$426.00
Initial HOA (3 months)$405.00
Prepaid interest, first (1 days)$49.58
Prepaid interest, second (1 days)$9.43
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 closing12 yr 4 moOf the original 15-year loan at 5.890%
Interest already paid$51,740Through Nov 2026
Assumption only · ends Mar 2039$125,723
Assumption + second · ends Mar 2039, second Dec 2056$203,107
New conventional · ends Dec 2056$511,662