Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,133/mo
Lowest payment- Down payment
- $105,704
- Funds due
- $115,147
- Interest + MI left
- $76,296
- First ends
- Jun 2051
Assumption
Assumption + second
$1,753/mo
+$620/mo- Down payment
- $28,704
- Funds due
- $39,568
- Interest + MI left
- $222,337
- First ends
- Jun 2051
New loan
New conventional
$2,051/mo
+$918/mo- Down payment
- $28,704
- Funds due
- $36,488
- Interest + MI left
- $374,747
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,296 | $179,296 | $256,296 |
| Second mortgage | — | $77,000 | — |
| First P&I | $869.36 | $869.36 | $1,736.24 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | — | — | $51.26 |
| Taxes, insurance & HOA | $264.00 | $264.00 | $264.00 |
| Total housing payment | $1,133.36 | $1,752.92 | $2,051.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,704
Closing costs & prepaids$10,864
Usable credit−$0
Total buyer cash needed$39,568
Earnest money paid−$0
Remaining funds due$39,568
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%)$896.48
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)$342.00
Prepaid interest, first (9 days)$136.17
Prepaid interest, second (9 days)$170.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 3.08%
Interest already paid$32,565Through Dec 2026
Assumption only · ends Jun 2051$76,296
Assumption + second · ends Jun 2051, second Jan 2057$222,337
New conventional · ends Jan 2057$374,747