Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,585/mo
Lowest payment- Down payment
- $58,280
- Funds due
- $70,066
- Interest + MI left
- $418,146
- First ends
- Oct 2054
Assumption
Assumption + second
$2,972/mo
+$387/mo- Down payment
- $20,280
- Funds due
- $33,390
- Interest + MI left
- $519,546
- First ends
- Oct 2054
New loan
New conventional
$2,958/mo
+$373/mo- Down payment
- $20,280
- Funds due
- $29,429
- Interest + MI left
- $557,117
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,620 | $341,620 | $379,620 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,274.75 | $2,274.75 | $2,571.68 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $75.92 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,584.75 | $2,971.97 | $2,957.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,280
Closing costs & prepaids$13,109
Usable credit−$0
Total buyer cash needed$33,390
Earnest money paid−$0
Remaining funds due$33,390
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,708.10
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Prepaid interest, first (6 days)$380.18
Prepaid interest, second (6 days)$74.18
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 closing27 yr 10 moOf the original 30-year loan at 6.77%
Interest already paid$50,763Through Dec 2026
Assumption only · ends Oct 2054$418,146
Assumption + second · ends Oct 2054, second Jan 2057$519,546
New conventional · ends Jan 2057$557,117