Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,347/mo
Lowest payment- Down payment
- $83,735
- Funds due
- $100,944
- Interest + MI left
- $719,230
- First ends
- Jan 2056
Assumption
Assumption + second
$4,836/mo
+$489/mo- Down payment
- $35,735
- Funds due
- $54,287
- Interest + MI left
- $847,313
- First ends
- Jan 2056
New loan
New conventional
$5,133/mo
+$786/mo- Down payment
- $35,735
- Funds due
- $48,885
- Interest + MI left
- $967,383
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $611,265 | $611,265 | $659,265 |
| Second mortgage | — | $48,000 | — |
| First P&I | $3,812.30 | $3,812.30 | $4,466.09 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | — | — | $131.85 |
| Taxes, insurance & HOA | $534.67 | $534.67 | $534.67 |
| Total housing payment | $4,346.97 | $4,836.09 | $5,132.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,735
Closing costs & prepaids$18,552
Usable credit−$0
Total buyer cash needed$54,287
Earnest money paid−$0
Remaining funds due$54,287
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,056.32
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)$834.00
Initial HOA (3 months)$270.00
Prepaid interest, first (6 days)$630.02
Prepaid interest, second (6 days)$93.70
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 closing29 yr 1 moOf the original 30-year loan at 6.27%
Interest already paid$35,341Through Dec 2026
Assumption only · ends Jan 2056$719,230
Assumption + second · ends Jan 2056, second Jan 2057$847,313
New conventional · ends Jan 2057$967,383