Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,240/mo
Lowest payment- Down payment
- $66,923
- Funds due
- $83,222
- Interest + MI left
- $713,480
- First ends
- Apr 2055
Assumption
Assumption + second
$4,586/mo
+$346/mo- Down payment
- $32,923
- Funds due
- $50,538
- Interest + MI left
- $804,206
- First ends
- Apr 2055
New loan
New conventional
$4,730/mo
+$490/mo- Down payment
- $32,923
- Funds due
- $45,276
- Interest + MI left
- $905,454
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $582,977 | $582,977 | $616,977 |
| Second mortgage | — | $34,000 | — |
| First P&I | $3,813.11 | $3,813.11 | $4,179.62 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $123.40 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $4,239.78 | $4,586.24 | $4,729.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,923
Closing costs & prepaids$17,616
Usable credit−$0
Total buyer cash needed$50,538
Earnest money paid−$0
Remaining funds due$50,538
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,914.89
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)$780.00
Prepaid interest, first (6 days)$637.28
Prepaid interest, second (6 days)$66.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 4 moOf the original 30-year loan at 6.65%
Interest already paid$65,264Through Dec 2026
Assumption only · ends Apr 2055$713,480
Assumption + second · ends Apr 2055, second Jan 2057$804,206
New conventional · ends Jan 2057$905,454