Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,954/mo
Lowest payment- Down payment
- $67,615
- Funds due
- $83,291
- Interest + MI left
- $636,816
- First ends
- Nov 2054
Assumption
Assumption + second
$4,331/mo
+$377/mo- Down payment
- $30,615
- Funds due
- $47,613
- Interest + MI left
- $735,547
- First ends
- Nov 2054
New loan
New conventional
$4,483/mo
+$529/mo- Down payment
- $30,615
- Funds due
- $42,575
- Interest + MI left
- $853,221
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $544,385 | $544,385 | $581,385 |
| Second mortgage | — | $37,000 | — |
| First P&I | $3,525.97 | $3,525.97 | $3,938.50 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $116.28 |
| Taxes, insurance & HOA | $428.17 | $428.17 | $428.17 |
| Total housing payment | $3,954.14 | $4,331.17 | $4,482.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,615
Closing costs & prepaids$16,998
Usable credit−$0
Total buyer cash needed$47,613
Earnest money paid−$0
Remaining funds due$47,613
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,120.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,721.92
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)$734.50
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$581.67
Prepaid interest, second (6 days)$72.23
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 closing27 yr 11 moOf the original 30-year loan at 6.5%
Interest already paid$74,687Through Dec 2026
Assumption only · ends Nov 2054$636,816
Assumption + second · ends Nov 2054, second Jan 2057$735,547
New conventional · ends Jan 2057$853,221