Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,251/mo
Lowest payment- Down payment
- $142,763
- Funds due
- $157,293
- Interest + MI left
- $527,861
- First ends
- Dec 2054
Assumption
Assumption + second
$3,935/mo
+$684/mo- Down payment
- $57,763
- Funds due
- $73,669
- Interest + MI left
- $689,076
- First ends
- Dec 2054
New loan
New conventional
$3,997/mo
+$746/mo- Down payment
- $57,763
- Funds due
- $68,898
- Interest + MI left
- $754,824
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $431,237 | $431,237 | $516,237 |
| Second mortgage | — | $85,000 | — |
| First P&I | $2,854.46 | $2,854.46 | $3,497.17 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | — | — | $103.25 |
| Taxes, insurance & HOA | $396.25 | $396.25 | $396.25 |
| Total housing payment | $3,250.71 | $3,934.64 | $3,996.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,763
Closing costs & prepaids$15,906
Usable credit−$0
Total buyer cash needed$73,669
Earnest money paid−$0
Remaining funds due$73,669
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,740.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,156.18
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)$688.75
Prepaid interest, first (6 days)$477.08
Prepaid interest, second (6 days)$125.75
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 yrOf the original 30-year loan at 6.73%
Interest already paid$58,744Through Dec 2026
Assumption only · ends Dec 2054$527,861
Assumption + second · ends Dec 2054, second Jan 2057$689,076
New conventional · ends Jan 2057$754,824