Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,660/mo
Lowest payment- Down payment
- $55,095
- Funds due
- $66,935
- Interest + MI left
- $368,644
- First ends
- Apr 2054
Assumption
Assumption + second
$3,027/mo
+$367/mo- Down payment
- $19,095
- Funds due
- $32,197
- Interest + MI left
- $464,706
- First ends
- Apr 2054
New loan
New conventional
$3,078/mo
+$418/mo- Down payment
- $19,095
- Funds due
- $28,395
- Interest + MI left
- $532,474
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,905 | $313,905 | $349,905 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,074.62 | $2,074.62 | $2,422.67 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $69.98 |
| Taxes, insurance & HOA | $585.08 | $585.08 | $585.08 |
| Total housing payment | $2,659.70 | $3,026.54 | $3,077.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,095
Closing costs & prepaids$13,102
Usable credit−$0
Total buyer cash needed$32,197
Earnest money paid−$0
Remaining funds due$32,197
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,569.52
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)$345.25
Initial HOA (3 months)$960.00
Prepaid interest, first (1 days)$57.10
Prepaid interest, second (1 days)$11.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing27 yr 5 moOf the original 30-year loan at 6.640%
Interest already paid$54,718Through Nov 2026
Assumption only · ends Apr 2054$368,644
Assumption + second · ends Apr 2054, second Dec 2056$464,706
New conventional · ends Dec 2056$532,474