Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,512/mo
Lowest payment- Down payment
- $154,129
- Funds due
- $166,842
- Interest + MI left
- $382,077
- First ends
- Mar 2055
Assumption
Assumption + second
$3,290/mo
+$778/mo- Down payment
- $48,129
- Funds due
- $62,115
- Interest + MI left
- $556,081
- First ends
- Mar 2055
New loan
New conventional
$3,485/mo
+$973/mo- Down payment
- $48,129
- Funds due
- $57,993
- Interest + MI left
- $647,293
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,871 | $320,871 | $426,871 |
| Second mortgage | — | $106,000 | — |
| First P&I | $2,067.49 | $2,067.49 | $2,955.57 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $85.37 |
| Taxes, insurance & HOA | $444.50 | $444.50 | $444.50 |
| Total housing payment | $2,511.99 | $3,289.78 | $3,485.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,129
Closing costs & prepaids$13,986
Usable credit−$0
Total buyer cash needed$62,115
Earnest money paid−$0
Remaining funds due$62,115
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,604.36
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)$470.50
Initial HOA (3 months)$363.00
Prepaid interest, first (1 days)$57.14
Prepaid interest, second (1 days)$23.23
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 closing28 yr 4 moOf the original 30-year loan at 6.500%
Interest already paid$35,121Through Nov 2026
Assumption only · ends Mar 2055$382,077
Assumption + second · ends Mar 2055, second Dec 2056$556,081
New conventional · ends Dec 2056$647,293