Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,269/mo
Lowest payment- Down payment
- $117,097
- Funds due
- $133,373
- Interest + MI left
- $675,165
- First ends
- Oct 2054
Assumption
Assumption + second
$4,679/mo
+$410/mo- Down payment
- $66,097
- Funds due
- $83,636
- Interest + MI left
- $771,894
- First ends
- Oct 2054
New loan
New conventional
$4,859/mo
+$591/mo- Down payment
- $66,097
- Funds due
- $78,228
- Interest + MI left
- $899,177
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $541,903 | $541,903 | $592,903 |
| Second mortgage | — | $51,000 | — |
| First P&I | $3,633.04 | $3,633.04 | $4,105.14 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $118.58 |
| Taxes, insurance & HOA | $635.59 | $635.59 | $635.59 |
| Total housing payment | $4,268.63 | $4,678.98 | $4,859.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,097
Closing costs & prepaids$17,539
Usable credit−$0
Total buyer cash needed$83,636
Earnest money paid−$0
Remaining funds due$83,636
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,709.51
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)$870.75
Initial HOA (3 months)$536.01
Prepaid interest, first (1 days)$101.70
Prepaid interest, second (1 days)$12.58
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 6.850%
Interest already paid$78,286Through Nov 2026
Assumption only · ends Oct 2054$675,165
Assumption + second · ends Oct 2054, second Dec 2056$771,894
New conventional · ends Dec 2056$899,177