Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,631/mo
Lowest payment- Down payment
- $125,503
- Funds due
- $138,056
- Interest + MI left
- $447,213
- First ends
- Jun 2055
Assumption
Assumption + second
$3,251/mo
+$620/mo- Down payment
- $48,503
- Funds due
- $62,344
- Interest + MI left
- $593,254
- First ends
- Jun 2055
New loan
New conventional
$3,368/mo
+$737/mo- Down payment
- $48,503
- Funds due
- $58,049
- Interest + MI left
- $654,308
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $354,497 | $354,497 | $431,497 |
| Second mortgage | — | $77,000 | — |
| First P&I | $2,337.35 | $2,337.35 | $2,987.60 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | — | — | $86.30 |
| Taxes, insurance & HOA | $293.75 | $293.75 | $293.75 |
| Total housing payment | $2,631.10 | $3,250.66 | $3,367.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,503
Closing costs & prepaids$13,841
Usable credit−$0
Total buyer cash needed$62,344
Earnest money paid−$0
Remaining funds due$62,344
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,772.49
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)$381.25
Prepaid interest, first (2 days)$131.31
Prepaid interest, second (2 days)$37.97
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 7 moOf the original 30-year loan at 6.760%
Interest already paid$34,232Through Nov 2026
Assumption only · ends Jun 2055$447,213
Assumption + second · ends Jun 2055, second Dec 2056$593,254
New conventional · ends Dec 2056$654,308