Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,627/mo
Lowest payment- Down payment
- $152,034
- Funds due
- $170,565
- Interest + MI left
- $773,947
- First ends
- Dec 2055
Assumption
Assumption + second
$5,223/mo
+$595/mo- Down payment
- $78,034
- Funds due
- $97,851
- Interest + MI left
- $914,298
- First ends
- Dec 2055
New loan
New conventional
$5,590/mo
+$962/mo- Down payment
- $78,034
- Funds due
- $91,935
- Interest + MI left
- $1,056,996
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $622,966 | $622,966 | $696,966 |
| Second mortgage | — | $74,000 | — |
| First P&I | $4,002.61 | $4,002.61 | $4,825.65 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | — | — | $139.39 |
| Taxes, insurance & HOA | $624.50 | $624.50 | $624.50 |
| Total housing payment | $4,627.11 | $5,222.54 | $5,589.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,034
Closing costs & prepaids$19,817
Usable credit−$0
Total buyer cash needed$97,851
Earnest money paid−$0
Remaining funds due$97,851
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,114.83
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$785.50
Initial HOA (3 months)$438.00
Prepaid interest, first (2 days)$223.93
Prepaid interest, second (2 days)$36.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.560%
Interest already paid$37,671Through Nov 2026
Assumption only · ends Dec 2055$773,947
Assumption + second · ends Dec 2055, second Dec 2056$914,298
New conventional · ends Dec 2056$1,056,996