Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,937/mo
Lowest payment- Down payment
- $347,498
- Funds due
- $369,191
- Interest + MI left
- $674,603
- First ends
- Dec 2052
Assumption
Assumption + second
$6,635/mo
+$1,698/mo- Down payment
- $110,498
- Funds due
- $133,541
- Interest + MI left
- $1,048,846
- First ends
- Dec 2052
New loan
New conventional
$7,427/mo
+$2,490/mo- Down payment
- $110,498
- Funds due
- $126,703
- Interest + MI left
- $1,500,646
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $752,502 | $752,502 | $989,502 |
| Second mortgage | — | $237,000 | — |
| First P&I | $4,559.44 | $4,559.44 | $6,851.11 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | — | — | $197.90 |
| Taxes, insurance & HOA | $377.83 | $377.83 | $377.83 |
| Total housing payment | $4,937.28 | $6,635.17 | $7,426.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,498
Closing costs & prepaids$23,044
Usable credit−$0
Total buyer cash needed$133,541
Earnest money paid−$0
Remaining funds due$133,541
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,762.51
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)$483.50
Prepaid interest, first (2 days)$229.26
Prepaid interest, second (2 days)$100.64
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 closing26 yr 1 moOf the original 30-year loan at 5.560%
Interest already paid$169,076Through Nov 2026
Assumption only · ends Dec 2052$674,603
Assumption + second · ends Dec 2052, second Dec 2056$1,048,846
New conventional · ends Dec 2056$1,500,646