Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,348/mo
Lowest payment- Down payment
- $294,854
- Funds due
- $313,136
- Interest + MI left
- $541,394
- First ends
- Apr 2050
Assumption
Assumption + second
$5,845/mo
+$1,497/mo- Down payment
- $85,854
- Funds due
- $105,430
- Interest + MI left
- $871,423
- First ends
- Apr 2050
New loan
New conventional
$5,889/mo
+$1,541/mo- Down payment
- $85,854
- Funds due
- $99,762
- Interest + MI left
- $1,158,726
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $555,146 | $555,146 | $764,146 |
| Second mortgage | — | $209,000 | — |
| First P&I | $3,902.28 | $3,902.28 | $5,290.79 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | — | — | $152.83 |
| Taxes, insurance & HOA | $445.50 | $445.50 | $445.50 |
| Total housing payment | $4,347.78 | $5,845.08 | $5,889.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,854
Closing costs & prepaids$19,576
Usable credit−$0
Total buyer cash needed$105,430
Earnest money paid−$0
Remaining funds due$105,430
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,775.73
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$686.50
Prepaid interest, first (1 days)$101.14
Prepaid interest, second (1 days)$44.38
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 closing23 yr 5 moOf the original 25-year loan at 6.650%
Interest already paid$59,289Through Nov 2026
Assumption only · ends Apr 2050$541,394
Assumption + second · ends Apr 2050, second Dec 2056$871,423
New conventional · ends Dec 2056$1,158,726