Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,255/mo
Lowest payment- Down payment
- $160,837
- Funds due
- $171,214
- Interest + MI left
- $79,410
- First ends
- Mar 2051
Assumption
Assumption + second
$2,150/mo
+$895/mo- Down payment
- $38,837
- Funds due
- $50,490
- Interest + MI left
- $279,680
- First ends
- Mar 2051
New loan
New conventional
$2,663/mo
+$1,408/mo- Down payment
- $38,837
- Funds due
- $46,989
- Interest + MI left
- $517,328
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,163 | $219,163 | $341,163 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,022.51 | $1,022.51 | $2,362.14 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $68.23 |
| Taxes, insurance & HOA | $232.17 | $232.17 | $232.17 |
| Total housing payment | $1,254.68 | $2,149.87 | $2,662.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,837
Closing costs & prepaids$11,653
Usable credit−$0
Total buyer cash needed$50,490
Earnest money paid−$0
Remaining funds due$50,490
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,095.81
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)$246.50
Prepaid interest, first (1 days)$16.09
Prepaid interest, second (1 days)$26.74
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 closing24 yr 4 moOf the original 30-year loan at 2.680%
Interest already paid$35,936Through Nov 2026
Assumption only · ends Mar 2051$79,410
Assumption + second · ends Mar 2051, second Dec 2056$279,680
New conventional · ends Dec 2056$517,328