Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,683/mo
Lowest payment- Down payment
- $67,059
- Funds due
- $78,412
- Interest + MI left
- $129,526
- First ends
- Aug 2051
Assumption
Assumption + second
$1,892/mo
+$209/mo- Down payment
- $41,059
- Funds due
- $53,675
- Interest + MI left
- $178,838
- First ends
- Aug 2051
New loan
New conventional
$2,869/mo
+$1,186/mo- Down payment
- $41,059
- Funds due
- $49,596
- Interest + MI left
- $559,522
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,940 | $342,940 | $368,940 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,442.19 | $1,442.19 | $2,554.47 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $73.79 |
| Taxes, insurance & HOA | $241.08 | $241.08 | $241.08 |
| Total housing payment | $1,683.27 | $1,892.48 | $2,869.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,059
Closing costs & prepaids$12,616
Usable credit−$0
Total buyer cash needed$53,675
Earnest money paid−$0
Remaining funds due$53,675
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,099.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,714.70
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)$273.25
Prepaid interest, first (2 days)$46.98
Prepaid interest, second (2 days)$12.82
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 closing24 yr 9 moOf the original 30-year loan at 2.500%
Interest already paid$45,011Through Nov 2026
Assumption only · ends Aug 2051$129,526
Assumption + second · ends Aug 2051, second Dec 2056$178,838
New conventional · ends Dec 2056$559,522