Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,479/mo
Lowest payment- Down payment
- $139,717
- Funds due
- $157,257
- Interest + MI left
- $711,190
- First ends
- Jun 2054
Assumption
Assumption + second
$5,018/mo
+$539/mo- Down payment
- $72,717
- Funds due
- $91,523
- Interest + MI left
- $838,265
- First ends
- Jun 2054
New loan
New conventional
$5,209/mo
+$730/mo- Down payment
- $72,717
- Funds due
- $85,833
- Interest + MI left
- $989,231
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $585,283 | $585,283 | $652,283 |
| Second mortgage | — | $67,000 | — |
| First P&I | $3,916.84 | $3,916.84 | $4,516.28 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $130.46 |
| Taxes, insurance & HOA | $562.08 | $562.08 | $562.08 |
| Total housing payment | $4,478.92 | $5,018.02 | $5,208.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,717
Closing costs & prepaids$18,806
Usable credit−$0
Total buyer cash needed$91,523
Earnest money paid−$0
Remaining funds due$91,523
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,926.41
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$706.25
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$108.88
Prepaid interest, second (1 days)$16.52
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 closing27 yr 7 moOf the original 30-year loan at 6.790%
Interest already paid$97,446Through Nov 2026
Assumption only · ends Jun 2054$711,190
Assumption + second · ends Jun 2054, second Dec 2056$838,265
New conventional · ends Dec 2056$989,231