Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,523/mo
Lowest payment- Down payment
- $40,162
- Funds due
- $50,277
- Interest + MI left
- $99,955
- First ends
- May 2052
Assumption
Assumption + second
$1,777/mo
+$255/mo- Down payment
- $15,162
- Funds due
- $26,568
- Interest + MI left
- $166,665
- First ends
- May 2052
New loan
New conventional
$2,274/mo
+$751/mo- Down payment
- $15,162
- Funds due
- $23,278
- Interest + MI left
- $395,897
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,838 | $244,838 | $269,838 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,130.47 | $1,130.47 | $1,827.98 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $53.97 |
| Taxes, insurance & HOA | $392.25 | $392.25 | $392.25 |
| Total housing payment | $1,522.72 | $1,777.47 | $2,274.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,162
Closing costs & prepaids$11,406
Usable credit−$0
Total buyer cash needed$26,568
Earnest money paid−$0
Remaining funds due$26,568
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,224.19
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)$726.75
Prepaid interest, first (5 days)$95.92
Prepaid interest, second (5 days)$40.67
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 closing25 yr 5 moOf the original 30-year loan at 2.86%
Interest already paid$34,014Through Dec 2026
Assumption only · ends May 2052$99,955
Assumption + second · ends May 2052, second Jan 2057$166,665
New conventional · ends Jan 2057$395,897