Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,871/mo
Lowest payment- Down payment
- $213,370
- Funds due
- $225,941
- Interest + MI left
- $139,926
- First ends
- May 2050
Assumption
Assumption + second
$3,052/mo
+$1,181/mo- Down payment
- $52,370
- Funds due
- $66,226
- Interest + MI left
- $404,216
- First ends
- May 2050
New loan
New conventional
$3,601/mo
+$1,730/mo- Down payment
- $52,370
- Funds due
- $62,180
- Interest + MI left
- $701,517
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,630 | $301,630 | $462,630 |
| Second mortgage | — | $161,000 | — |
| First P&I | $1,565.80 | $1,565.80 | $3,203.16 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | — | — | $92.53 |
| Taxes, insurance & HOA | $305.08 | $305.08 | $305.08 |
| Total housing payment | $1,870.88 | $3,052.25 | $3,600.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,370
Closing costs & prepaids$13,855
Usable credit−$0
Total buyer cash needed$66,226
Earnest money paid−$0
Remaining funds due$66,226
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,508.15
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)$415.25
Prepaid interest, first (1 days)$28.68
Prepaid interest, second (1 days)$35.29
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 closing23 yr 6 moOf the original 30-year loan at 3.470%
Interest already paid$73,762Through Nov 2026
Assumption only · ends May 2050$139,926
Assumption + second · ends May 2050, second Dec 2056$404,216
New conventional · ends Dec 2056$701,517