Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,624/mo
Lowest payment- Down payment
- $368,765
- Funds due
- $382,727
- Interest + MI left
- $174,327
- First ends
- Jul 2043
Assumption
Assumption + second
$4,795/mo
+$2,171/mo- Down payment
- $65,765
- Funds due
- $81,041
- Interest + MI left
- $652,789
- First ends
- Jul 2043
New loan
New conventional
$4,508/mo
+$1,884/mo- Down payment
- $65,765
- Funds due
- $76,940
- Interest + MI left
- $885,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,235 | $281,235 | $584,235 |
| Second mortgage | — | $303,000 | — |
| First P&I | $2,277.81 | $2,277.81 | $4,045.13 |
| Second P&I | — | $2,170.73 | — |
| Mortgage insurance | — | — | $116.85 |
| Taxes, insurance & HOA | $346.33 | $346.33 | $346.33 |
| Total housing payment | $2,624.14 | $4,794.87 | $4,508.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,765
Closing costs & prepaids$15,276
Usable credit−$0
Total buyer cash needed$81,041
Earnest money paid−$0
Remaining funds due$81,041
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,406.17
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)$539.00
Prepaid interest, first (1 days)$48.70
Prepaid interest, second (1 days)$64.34
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 closing16 yr 8 moOf the original 20-year loan at 6.320%
Interest already paid$62,447Through Nov 2026
Assumption only · ends Jul 2043$174,327
Assumption + second · ends Jul 2043, second Dec 2056$652,789
New conventional · ends Dec 2056$885,915