Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,451/mo
Lowest payment- Down payment
- $358,731
- Funds due
- $370,884
- Interest + MI left
- $210,843
- First ends
- Dec 2054
Assumption
Assumption + second
$3,628/mo
+$2,178/mo- Down payment
- $54,731
- Funds due
- $68,198
- Interest + MI left
- $690,885
- First ends
- Dec 2054
New loan
New conventional
$3,734/mo
+$2,284/mo- Down payment
- $54,731
- Funds due
- $64,715
- Interest + MI left
- $732,343
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,959 | $178,959 | $482,959 |
| Second mortgage | — | $304,000 | — |
| First P&I | $1,156.68 | $1,156.68 | $3,343.91 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | — | — | $96.59 |
| Taxes, insurance & HOA | $293.83 | $293.83 | $293.83 |
| Total housing payment | $1,450.52 | $3,628.41 | $3,734.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,731
Closing costs & prepaids$13,468
Usable credit−$0
Total buyer cash needed$68,198
Earnest money paid−$0
Remaining funds due$68,198
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,376.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$894.80
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)$51.50
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$31.87
Prepaid interest, second (1 days)$64.55
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 1 moOf the original 30-year loan at 6.500%
Interest already paid$22,563Through Nov 2026
Assumption only · ends Dec 2054$210,843
Assumption + second · ends Dec 2054, second Dec 2056$690,885
New conventional · ends Dec 2056$732,343