Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,411/mo
Lowest payment- Down payment
- $59,803
- Funds due
- $73,580
- Interest + MI left
- $527,950
- First ends
- Jul 2053
Assumption
Assumption + second
$3,737/mo
+$326/mo- Down payment
- $27,803
- Funds due
- $42,851
- Interest + MI left
- $613,339
- First ends
- Jul 2053
New loan
New conventional
$3,949/mo
+$538/mo- Down payment
- $27,803
- Funds due
- $38,099
- Interest + MI left
- $794,662
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $490,197 | $490,197 | $522,197 |
| Second mortgage | — | $32,000 | — |
| First P&I | $3,181.71 | $3,181.71 | $3,615.59 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $104.44 |
| Taxes, insurance & HOA | $229.00 | $229.00 | $229.00 |
| Total housing payment | $3,410.71 | $3,736.79 | $3,949.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,803
Closing costs & prepaids$15,047
Usable credit−$0
Total buyer cash needed$42,851
Earnest money paid−$0
Remaining funds due$42,851
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,450.98
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)$187.00
Prepaid interest, first (2 days)$170.56
Prepaid interest, second (2 days)$20.82
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 closing26 yr 8 moOf the original 30-year loan at 6.350%
Interest already paid$106,130Through Nov 2026
Assumption only · ends Jul 2053$527,950
Assumption + second · ends Jul 2053, second Dec 2056$613,339
New conventional · ends Dec 2056$794,662