Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,796/mo
Lowest payment- Down payment
- $69,925
- Funds due
- $82,498
- Interest + MI left
- $473,324
- First ends
- Oct 2055
Assumption
Assumption + second
$3,275/mo
+$479/mo- Down payment
- $22,925
- Funds due
- $36,840
- Interest + MI left
- $598,739
- First ends
- Oct 2055
New loan
New conventional
$3,309/mo
+$512/mo- Down payment
- $22,925
- Funds due
- $32,665
- Interest + MI left
- $626,760
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,075 | $380,075 | $427,075 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,466.47 | $2,466.47 | $2,893.15 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | — | — | $85.42 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $2,796.47 | $3,275.40 | $3,308.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,925
Closing costs & prepaids$13,914
Usable credit−$0
Total buyer cash needed$36,840
Earnest money paid−$0
Remaining funds due$36,840
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,900.37
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)$540.00
Prepaid interest, first (6 days)$414.23
Prepaid interest, second (6 days)$91.75
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 10 moOf the original 30-year loan at 6.63%
Interest already paid$29,605Through Dec 2026
Assumption only · ends Oct 2055$473,324
Assumption + second · ends Oct 2055, second Jan 2057$598,739
New conventional · ends Jan 2057$626,760