Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,215/mo
Lowest payment- Down payment
- $102,856
- Funds due
- $114,086
- Interest + MI left
- $358,824
- First ends
- Jul 2055
Assumption
Assumption + second
$2,714/mo
+$499/mo- Down payment
- $40,856
- Funds due
- $53,351
- Interest + MI left
- $476,416
- First ends
- Jul 2055
New loan
New conventional
$2,866/mo
+$652/mo- Down payment
- $40,856
- Funds due
- $49,419
- Interest + MI left
- $544,594
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,144 | $297,144 | $359,144 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,906.89 | $1,906.89 | $2,486.64 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | — | — | $71.83 |
| Taxes, insurance & HOA | $307.92 | $307.92 | $307.92 |
| Total housing payment | $2,214.80 | $2,713.67 | $2,866.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,856
Closing costs & prepaids$12,496
Usable credit−$0
Total buyer cash needed$53,351
Earnest money paid−$0
Remaining funds due$53,351
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,485.72
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$23.75
Initial HOA (3 months)$450.00
Prepaid interest, first (1 days)$52.92
Prepaid interest, second (1 days)$15.29
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 closing28 yr 8 moOf the original 30-year loan at 6.500%
Interest already paid$25,965Through Nov 2026
Assumption only · ends Jul 2055$358,824
Assumption + second · ends Jul 2055, second Dec 2056$476,416
New conventional · ends Dec 2056$544,594