Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,596/mo
Lowest payment- Down payment
- $113,753
- Funds due
- $126,434
- Interest + MI left
- $425,861
- First ends
- Oct 2055
Assumption
Assumption + second
$3,143/mo
+$547/mo- Down payment
- $45,753
- Funds due
- $59,834
- Interest + MI left
- $554,833
- First ends
- Oct 2055
New loan
New conventional
$3,209/mo
+$613/mo- Down payment
- $45,753
- Funds due
- $55,663
- Interest + MI left
- $589,533
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,247 | $335,247 | $403,247 |
| Second mortgage | — | $68,000 | — |
| First P&I | $2,199.73 | $2,199.73 | $2,731.74 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | — | — | $80.65 |
| Taxes, insurance & HOA | $396.25 | $396.25 | $396.25 |
| Total housing payment | $2,595.99 | $3,143.13 | $3,208.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,753
Closing costs & prepaids$14,081
Usable credit−$0
Total buyer cash needed$59,834
Earnest money paid−$0
Remaining funds due$59,834
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,676.23
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)$538.75
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$557.15
Prepaid interest, second (9 days)$150.90
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 10 moOf the original 30-year loan at 6.74%
Interest already paid$26,543Through Dec 2026
Assumption only · ends Oct 2055$425,861
Assumption + second · ends Oct 2055, second Jan 2057$554,833
New conventional · ends Jan 2057$589,533