Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,096/mo
Lowest payment- Down payment
- $54,376
- Funds due
- $67,099
- Interest + MI left
- $517,910
- First ends
- Oct 2054
Assumption
Assumption + second
$3,412/mo
+$316/mo- Down payment
- $23,376
- Funds due
- $37,360
- Interest + MI left
- $600,630
- First ends
- Oct 2054
New loan
New conventional
$3,471/mo
+$374/mo- Down payment
- $23,376
- Funds due
- $33,031
- Interest + MI left
- $672,137
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $410,624 | $410,624 | $441,624 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,771.74 | $2,771.74 | $3,057.72 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $88.32 |
| Taxes, insurance & HOA | $324.75 | $324.75 | $324.75 |
| Total housing payment | $3,096.49 | $3,412.38 | $3,470.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,376
Closing costs & prepaids$13,983
Usable credit−$0
Total buyer cash needed$37,360
Earnest money paid−$0
Remaining funds due$37,360
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,053.12
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)$474.25
Prepaid interest, first (1 days)$77.85
Prepaid interest, second (1 days)$10.09
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 11 moOf the original 30-year loan at 6.920%
Interest already paid$59,917Through Nov 2026
Assumption only · ends Oct 2054$517,910
Assumption + second · ends Oct 2054, second Dec 2056$600,630
New conventional · ends Dec 2056$672,137