Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,233/mo
Lowest payment- Down payment
- $113,614
- Funds due
- $127,763
- Interest + MI left
- $543,234
- First ends
- Jun 2056
Assumption
Assumption + second
$3,700/mo
+$467/mo- Down payment
- $55,614
- Funds due
- $71,027
- Interest + MI left
- $653,240
- First ends
- Jun 2056
New loan
New conventional
$3,996/mo
+$762/mo- Down payment
- $55,614
- Funds due
- $66,255
- Interest + MI left
- $749,671
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $436,386 | $436,386 | $494,386 |
| Second mortgage | — | $58,000 | — |
| First P&I | $2,759.50 | $2,759.50 | $3,423.03 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | — | — | $98.88 |
| Taxes, insurance & HOA | $474.00 | $474.00 | $474.00 |
| Total housing payment | $3,233.50 | $3,700.18 | $3,995.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,614
Closing costs & prepaids$15,413
Usable credit−$0
Total buyer cash needed$71,027
Earnest money paid−$0
Remaining funds due$71,027
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,181.93
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)$505.00
Initial HOA (3 months)$417.00
Prepaid interest, first (1 days)$77.23
Prepaid interest, second (1 days)$14.30
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 closing29 yr 7 moOf the original 30-year loan at 6.460%
Interest already paid$11,779Through Nov 2026
Assumption only · ends Jun 2056$543,234
Assumption + second · ends Jun 2056, second Dec 2056$653,240
New conventional · ends Dec 2056$749,671