Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,132/mo
Lowest payment- Down payment
- $211,613
- Funds due
- $225,489
- Interest + MI left
- $173,109
- First ends
- Aug 2052
Assumption
Assumption + second
$3,240/mo
+$1,108/mo- Down payment
- $60,613
- Funds due
- $75,772
- Interest + MI left
- $420,983
- First ends
- Aug 2052
New loan
New conventional
$4,149/mo
+$2,018/mo- Down payment
- $60,613
- Funds due
- $71,234
- Interest + MI left
- $814,876
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $386,387 | $386,387 | $537,387 |
| Second mortgage | — | $151,000 | — |
| First P&I | $1,810.67 | $1,810.67 | $3,720.76 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | — | — | $107.48 |
| Taxes, insurance & HOA | $321.17 | $321.17 | $321.17 |
| Total housing payment | $2,131.83 | $3,239.82 | $4,149.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,613
Closing costs & prepaids$15,159
Usable credit−$0
Total buyer cash needed$75,772
Earnest money paid−$0
Remaining funds due$75,772
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,931.94
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)$463.50
Prepaid interest, first (1 days)$32.50
Prepaid interest, second (1 days)$33.10
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 9 moOf the original 30-year loan at 3.070%
Interest already paid$53,081Through Nov 2026
Assumption only · ends Aug 2052$173,109
Assumption + second · ends Aug 2052, second Dec 2056$420,983
New conventional · ends Dec 2056$814,876