Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,321/mo
Lowest payment- Down payment
- $209,811
- Funds due
- $220,193
- Interest + MI left
- $52,879
- First ends
- May 2045
Assumption
Assumption + second
$2,598/mo
+$1,277/mo- Down payment
- $35,811
- Funds due
- $47,634
- Interest + MI left
- $338,509
- First ends
- May 2045
New loan
New conventional
$2,639/mo
+$1,318/mo- Down payment
- $35,811
- Funds due
- $44,579
- Interest + MI left
- $459,333
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,189 | $140,189 | $314,189 |
| Second mortgage | — | $174,000 | — |
| First P&I | $873.61 | $873.61 | $2,128.43 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | — | — | $62.84 |
| Taxes, insurance & HOA | $447.50 | $447.50 | $447.50 |
| Total housing payment | $1,321.11 | $2,597.86 | $2,638.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,811
Closing costs & prepaids$11,823
Usable credit−$0
Total buyer cash needed$47,634
Earnest money paid−$0
Remaining funds due$47,634
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$700.94
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)$892.50
Prepaid interest, first (5 days)$70.48
Prepaid interest, second (5 days)$190.68
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 closing18 yr 5 moOf the original 30-year loan at 3.67%
Interest already paid$71,120Through Dec 2026
Assumption only · ends May 2045$52,879
Assumption + second · ends May 2045, second Jan 2057$338,509
New conventional · ends Jan 2057$459,333