Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,941/mo
Lowest payment- Down payment
- $192,225
- Funds due
- $205,221
- Interest + MI left
- $147,637
- First ends
- Feb 2052
Assumption
Assumption + second
$2,961/mo
+$1,020/mo- Down payment
- $53,225
- Funds due
- $67,502
- Interest + MI left
- $375,813
- First ends
- Feb 2052
New loan
New conventional
$3,732/mo
+$1,791/mo- Down payment
- $53,225
- Funds due
- $63,281
- Interest + MI left
- $721,545
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,775 | $336,775 | $475,775 |
| Second mortgage | — | $139,000 | — |
| First P&I | $1,598.72 | $1,598.72 | $3,294.17 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | — | — | $95.15 |
| Taxes, insurance & HOA | $342.25 | $342.25 | $342.25 |
| Total housing payment | $1,940.97 | $2,960.90 | $3,731.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,225
Closing costs & prepaids$14,277
Usable credit−$0
Total buyer cash needed$67,502
Earnest money paid−$0
Remaining funds due$67,502
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,683.88
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$526.75
Prepaid interest, first (1 days)$28.33
Prepaid interest, second (1 days)$30.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 3.070%
Interest already paid$52,077Through Nov 2026
Assumption only · ends Feb 2052$147,637
Assumption + second · ends Feb 2052, second Dec 2056$375,813
New conventional · ends Dec 2056$721,545