Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,539/mo
Lowest payment- Down payment
- $51,234
- Funds due
- $65,548
- Interest + MI left
- $571,709
- First ends
- Aug 2055
Assumption
Assumption + second
$3,804/mo
+$265/mo- Down payment
- $25,234
- Funds due
- $40,840
- Interest + MI left
- $641,087
- First ends
- Aug 2055
New loan
New conventional
$3,863/mo
+$324/mo- Down payment
- $25,234
- Funds due
- $36,330
- Interest + MI left
- $689,266
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $443,666 | $443,666 | $469,666 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,951.67 | $2,951.67 | $3,181.68 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $93.93 |
| Taxes, insurance & HOA | $587.33 | $587.33 | $587.33 |
| Total housing payment | $3,539.00 | $3,803.94 | $3,862.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,234
Closing costs & prepaids$15,607
Usable credit−$0
Total buyer cash needed$40,840
Earnest money paid−$0
Remaining funds due$40,840
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,949.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,218.33
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)$1,262.00
Prepaid interest, first (5 days)$416.92
Prepaid interest, second (5 days)$42.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 8 moOf the original 30-year loan at 6.86%
Interest already paid$40,893Through Dec 2026
Assumption only · ends Aug 2055$571,709
Assumption + second · ends Aug 2055, second Jan 2057$641,087
New conventional · ends Jan 2057$689,266