Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,781/mo
Lowest payment- Down payment
- $202,913
- Funds due
- $217,049
- Interest + MI left
- $419,503
- First ends
- Mar 2056
Assumption
Assumption + second
$3,852/mo
+$1,071/mo- Down payment
- $56,913
- Funds due
- $72,331
- Interest + MI left
- $659,169
- First ends
- Mar 2056
New loan
New conventional
$4,158/mo
+$1,377/mo- Down payment
- $56,913
- Funds due
- $67,944
- Interest + MI left
- $762,713
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,987 | $356,987 | $502,987 |
| Second mortgage | — | $146,000 | — |
| First P&I | $2,205.94 | $2,205.94 | $3,482.58 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | — | — | $100.60 |
| Taxes, insurance & HOA | $574.67 | $574.67 | $574.67 |
| Total housing payment | $2,780.60 | $3,851.90 | $4,157.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,913
Closing costs & prepaids$15,419
Usable credit−$0
Total buyer cash needed$72,331
Earnest money paid−$0
Remaining funds due$72,331
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,784.94
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)$924.00
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$60.74
Prepaid interest, second (1 days)$32.00
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 4 moOf the original 30-year loan at 6.210%
Interest already paid$14,845Through Nov 2026
Assumption only · ends Mar 2056$419,503
Assumption + second · ends Mar 2056, second Dec 2056$659,169
New conventional · ends Dec 2056$762,713