Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,525/mo
Lowest payment- Down payment
- $238,497
- Funds due
- $250,413
- Interest + MI left
- $79,459
- First ends
- Nov 2050
Assumption
Assumption + second
$2,941/mo
+$1,416/mo- Down payment
- $45,497
- Funds due
- $58,875
- Interest + MI left
- $396,278
- First ends
- Nov 2050
New loan
New conventional
$3,315/mo
+$1,790/mo- Down payment
- $45,497
- Funds due
- $55,445
- Interest + MI left
- $584,060
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,503 | $206,503 | $399,503 |
| Second mortgage | — | $193,000 | — |
| First P&I | $996.38 | $996.38 | $2,706.37 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | — | — | $79.90 |
| Taxes, insurance & HOA | $528.25 | $528.25 | $528.25 |
| Total housing payment | $1,524.63 | $2,940.80 | $3,314.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,497
Closing costs & prepaids$13,378
Usable credit−$0
Total buyer cash needed$58,875
Earnest money paid−$0
Remaining funds due$58,875
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,032.52
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)$1,134.75
Prepaid interest, first (5 days)$81.47
Prepaid interest, second (5 days)$211.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing23 yr 11 moOf the original 30-year loan at 2.88%
Interest already paid$39,239Through Dec 2026
Assumption only · ends Nov 2050$79,459
Assumption + second · ends Nov 2050, second Jan 2057$396,278
New conventional · ends Jan 2057$584,060