Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,413/mo
Lowest payment- Down payment
- $127,921
- Funds due
- $140,118
- Interest + MI left
- $412,740
- First ends
- Nov 2055
Assumption
Assumption + second
$3,064/mo
+$652/mo- Down payment
- $46,921
- Funds due
- $60,408
- Interest + MI left
- $566,367
- First ends
- Nov 2055
New loan
New conventional
$3,236/mo
+$824/mo- Down payment
- $46,921
- Funds due
- $56,220
- Interest + MI left
- $634,045
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,079 | $337,079 | $418,079 |
| Second mortgage | — | $81,000 | — |
| First P&I | $2,154.65 | $2,154.65 | $2,894.69 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | — | — | $83.62 |
| Taxes, insurance & HOA | $257.92 | $257.92 | $257.92 |
| Total housing payment | $2,412.57 | $3,064.31 | $3,236.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,921
Closing costs & prepaids$13,487
Usable credit−$0
Total buyer cash needed$60,408
Earnest money paid−$0
Remaining funds due$60,408
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,685.39
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)$273.75
Prepaid interest, first (2 days)$120.06
Prepaid interest, second (2 days)$39.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yrOf the original 30-year loan at 6.500%
Interest already paid$22,046Through Nov 2026
Assumption only · ends Nov 2055$412,740
Assumption + second · ends Nov 2055, second Dec 2056$566,367
New conventional · ends Dec 2056$634,045