Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,319/mo
Lowest payment- Down payment
- $74,196
- Funds due
- $88,672
- Interest + MI left
- $560,458
- First ends
- Nov 2055
Assumption
Assumption + second
$3,798/mo
+$479/mo- Down payment
- $27,196
- Funds due
- $43,060
- Interest + MI left
- $685,873
- First ends
- Nov 2055
New loan
New conventional
$3,911/mo
+$592/mo- Down payment
- $27,196
- Funds due
- $38,471
- Interest + MI left
- $743,034
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $459,304 | $459,304 | $506,304 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,938.79 | $2,938.79 | $3,429.88 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | — | — | $101.26 |
| Taxes, insurance & HOA | $380.08 | $380.08 | $380.08 |
| Total housing payment | $3,318.88 | $3,797.81 | $3,911.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,196
Closing costs & prepaids$15,864
Usable credit−$0
Total buyer cash needed$43,060
Earnest money paid−$0
Remaining funds due$43,060
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,335.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,296.52
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)$640.25
Prepaid interest, first (9 days)$736.14
Prepaid interest, second (9 days)$137.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 6.5%
Interest already paid$32,559Through Dec 2026
Assumption only · ends Nov 2055$560,458
Assumption + second · ends Nov 2055, second Jan 2057$685,873
New conventional · ends Jan 2057$743,034