Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,144/mo
Lowest payment- Down payment
- $141,767
- Funds due
- $153,402
- Interest + MI left
- $315,333
- First ends
- Dec 2054
Assumption
Assumption + second
$2,941/mo
+$797/mo- Down payment
- $42,767
- Funds due
- $55,700
- Interest + MI left
- $503,100
- First ends
- Dec 2054
New loan
New conventional
$3,091/mo
+$947/mo- Down payment
- $42,767
- Funds due
- $51,824
- Interest + MI left
- $579,682
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $283,233 | $283,233 | $382,233 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,776.16 | $1,776.16 | $2,646.50 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | — | — | $76.45 |
| Taxes, insurance & HOA | $368.16 | $368.16 | $368.16 |
| Total housing payment | $2,144.32 | $2,940.90 | $3,091.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,767
Closing costs & prepaids$12,934
Usable credit−$0
Total buyer cash needed$55,700
Earnest money paid−$0
Remaining funds due$55,700
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,416.17
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)$628.75
Initial HOA (3 months)$25.74
Prepaid interest, first (2 days)$96.22
Prepaid interest, second (2 days)$48.82
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 closing28 yr 1 moOf the original 30-year loan at 6.200%
Interest already paid$34,085Through Nov 2026
Assumption only · ends Dec 2054$315,333
Assumption + second · ends Dec 2054, second Dec 2056$503,100
New conventional · ends Dec 2056$579,682