Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,880/mo
Lowest payment- Down payment
- $102,237
- Funds due
- $117,745
- Interest + MI left
- $587,566
- First ends
- Jun 2053
Assumption
Assumption + second
$4,202/mo
+$322/mo- Down payment
- $62,237
- Funds due
- $79,055
- Interest + MI left
- $663,431
- First ends
- Jun 2053
New loan
New conventional
$4,275/mo
+$395/mo- Down payment
- $62,237
- Funds due
- $73,851
- Interest + MI left
- $808,231
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $512,763 | $512,763 | $552,763 |
| Second mortgage | — | $40,000 | — |
| First P&I | $3,460.15 | $3,460.15 | $3,744.61 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $110.55 |
| Taxes, insurance & HOA | $419.67 | $419.67 | $419.67 |
| Total housing payment | $3,879.82 | $4,201.67 | $4,274.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,237
Closing costs & prepaids$16,817
Usable credit−$0
Total buyer cash needed$79,055
Earnest money paid−$0
Remaining funds due$79,055
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,563.81
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)$738.00
Initial HOA (3 months)$21.00
Prepaid interest, first (6 days)$567.27
Prepaid interest, second (6 days)$59.18
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 closing26 yr 6 moOf the original 30-year loan at 6.73%
Interest already paid$123,512Through Dec 2026
Assumption only · ends Jun 2053$587,566
Assumption + second · ends Jun 2053, second Jan 2057$663,431
New conventional · ends Jan 2057$808,231