Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,021/mo
Lowest payment- Down payment
- $80,719
- Funds due
- $96,716
- Interest + MI left
- $494,970
- First ends
- Jul 2052
Assumption
Assumption + second
$4,520/mo
+$499/mo- Down payment
- $31,719
- Funds due
- $48,998
- Interest + MI left
- $625,722
- First ends
- Jul 2052
New loan
New conventional
$4,834/mo
+$813/mo- Down payment
- $31,719
- Funds due
- $44,001
- Interest + MI left
- $887,616
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $534,280 | $534,280 | $583,280 |
| Second mortgage | — | $49,000 | — |
| First P&I | $3,341.72 | $3,341.72 | $4,038.51 |
| Second P&I | — | $499.31 | — |
| Mortgage insurance | — | — | $116.66 |
| Taxes, insurance & HOA | $679.17 | $679.17 | $679.17 |
| Total housing payment | $4,020.89 | $4,520.20 | $4,834.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,719
Closing costs & prepaids$17,279
Usable credit−$0
Total buyer cash needed$48,998
Earnest money paid−$0
Remaining funds due$48,998
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,149.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,671.40
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)$1,537.50
Prepaid interest, first (2 days)$170.09
Prepaid interest, second (2 days)$31.88
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 closing25 yr 8 moOf the original 30-year loan at 5.810%
Interest already paid$139,139Through Nov 2026
Assumption only · ends Jul 2052$494,970
Assumption + second · ends Jul 2052, second Dec 2056$625,722
New conventional · ends Dec 2056$887,616