Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,725/mo
Lowest payment- Down payment
- $83,412
- Funds due
- $101,729
- Interest + MI left
- $753,677
- First ends
- Dec 2054
Assumption
Assumption + second
$5,174/mo
+$448/mo- Down payment
- $39,412
- Funds due
- $59,008
- Interest + MI left
- $871,087
- First ends
- Dec 2054
New loan
New conventional
$5,677/mo
+$952/mo- Down payment
- $39,412
- Funds due
- $53,151
- Interest + MI left
- $1,119,394
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $691,588 | $691,588 | $735,588 |
| Second mortgage | — | $44,000 | — |
| First P&I | $4,288.62 | $4,288.62 | $5,093.06 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | — | — | $147.12 |
| Taxes, insurance & HOA | $436.58 | $436.58 | $436.58 |
| Total housing payment | $4,725.20 | $5,173.56 | $5,676.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,412
Closing costs & prepaids$19,595
Usable credit−$0
Total buyer cash needed$59,008
Earnest money paid−$0
Remaining funds due$59,008
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,457.94
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)$659.75
Prepaid interest, first (2 days)$230.78
Prepaid interest, second (2 days)$28.63
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 closing28 yr 1 moOf the original 30-year loan at 6.090%
Interest already paid$81,772Through Nov 2026
Assumption only · ends Dec 2054$753,677
Assumption + second · ends Dec 2054, second Dec 2056$871,087
New conventional · ends Dec 2056$1,119,394