Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,367/mo
Lowest payment- Down payment
- $64,455
- Funds due
- $81,832
- Interest + MI left
- $680,235
- First ends
- Jan 2055
Assumption
Assumption + second
$4,672/mo
+$306/mo- Down payment
- $34,455
- Funds due
- $53,170
- Interest + MI left
- $760,287
- First ends
- Jan 2055
New loan
New conventional
$5,044/mo
+$677/mo- Down payment
- $34,455
- Funds due
- $47,807
- Interest + MI left
- $954,717
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $620,545 | $620,545 | $650,545 |
| Second mortgage | — | $30,000 | — |
| First P&I | $3,859.88 | $3,859.88 | $4,407.02 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $130.11 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $4,366.55 | $4,672.25 | $5,043.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,455
Closing costs & prepaids$18,715
Usable credit−$0
Total buyer cash needed$53,170
Earnest money paid−$0
Remaining funds due$53,170
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,102.72
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)$822.00
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$936.43
Prepaid interest, second (9 days)$87.84
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 1 moOf the original 30-year loan at 6.12%
Interest already paid$73,728Through Dec 2026
Assumption only · ends Jan 2055$680,235
Assumption + second · ends Jan 2055, second Jan 2057$760,287
New conventional · ends Jan 2057$954,717