Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,169/mo
Lowest payment- Down payment
- $103,759
- Funds due
- $116,436
- Interest + MI left
- $150,358
- First ends
- Feb 2052
Assumption
Assumption + second
$2,635/mo
+$467/mo- Down payment
- $45,759
- Funds due
- $59,744
- Interest + MI left
- $260,364
- First ends
- Feb 2052
New loan
New conventional
$3,317/mo
+$1,149/mo- Down payment
- $45,759
- Funds due
- $55,662
- Interest + MI left
- $581,135
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,241 | $344,241 | $402,241 |
| Second mortgage | — | $58,000 | — |
| First P&I | $1,637.75 | $1,637.75 | $2,705.90 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | — | — | $80.45 |
| Taxes, insurance & HOA | $530.83 | $530.83 | $530.83 |
| Total housing payment | $2,168.58 | $2,635.26 | $3,317.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,759
Closing costs & prepaids$13,985
Usable credit−$0
Total buyer cash needed$59,744
Earnest money paid−$0
Remaining funds due$59,744
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,721.21
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)$1,142.50
Prepaid interest, first (4 days)$115.82
Prepaid interest, second (4 days)$57.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing25 yr 2 moOf the original 30-year loan at 3.07%
Interest already paid$54,230Through Dec 2026
Assumption only · ends Feb 2052$150,358
Assumption + second · ends Feb 2052, second Jan 2057$260,364
New conventional · ends Jan 2057$581,135