Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,326/mo
Lowest payment- Down payment
- $93,086
- Funds due
- $107,182
- Interest + MI left
- $570,492
- First ends
- Nov 2055
Assumption
Assumption + second
$3,623/mo
+$298/mo- Down payment
- $56,086
- Funds due
- $71,450
- Interest + MI left
- $640,668
- First ends
- Nov 2055
New loan
New conventional
$3,930/mo
+$604/mo- Down payment
- $56,086
- Funds due
- $66,536
- Interest + MI left
- $762,703
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $465,914 | $465,914 | $502,914 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,978.18 | $2,978.18 | $3,482.07 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $100.58 |
| Taxes, insurance & HOA | $347.33 | $347.33 | $347.33 |
| Total housing payment | $3,325.51 | $3,623.22 | $3,929.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,086
Closing costs & prepaids$15,364
Usable credit−$0
Total buyer cash needed$71,450
Earnest money paid−$0
Remaining funds due$71,450
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,329.57
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)$542.00
Prepaid interest, first (2 days)$165.94
Prepaid interest, second (2 days)$18.25
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 closing29 yrOf the original 30-year loan at 6.500%
Interest already paid$30,472Through Nov 2026
Assumption only · ends Nov 2055$570,492
Assumption + second · ends Nov 2055, second Dec 2056$640,668
New conventional · ends Dec 2056$762,703