Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,681/mo
Lowest payment- Down payment
- $107,577
- Funds due
- $125,115
- Interest + MI left
- $603,197
- First ends
- Oct 2053
Assumption
Assumption + second
$5,051/mo
+$370/mo- Down payment
- $61,577
- Funds due
- $80,388
- Interest + MI left
- $690,442
- First ends
- Oct 2053
New loan
New conventional
$5,161/mo
+$480/mo- Down payment
- $61,577
- Funds due
- $75,231
- Interest + MI left
- $830,094
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $501,423 | $501,423 | $547,423 |
| Second mortgage | — | $46,000 | — |
| First P&I | $3,419.87 | $3,419.87 | $3,790.25 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | — | — | $109.48 |
| Taxes, insurance & HOA | $1,261.00 | $1,261.00 | $1,261.00 |
| Total housing payment | $4,680.87 | $5,051.00 | $5,160.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,577
Closing costs & prepaids$18,810
Usable credit−$0
Total buyer cash needed$80,388
Earnest money paid−$0
Remaining funds due$80,388
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,507.11
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)$2,742.00
Initial HOA (3 months)$540.99
Prepaid interest, first (2 days)$189.58
Prepaid interest, second (2 days)$22.68
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 closing26 yr 11 moOf the original 30-year loan at 6.900%
Interest already paid$108,694Through Nov 2026
Assumption only · ends Oct 2053$603,197
Assumption + second · ends Oct 2053, second Dec 2056$690,442
New conventional · ends Dec 2056$830,094