Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,632/mo
Lowest payment- Down payment
- $81,585
- Funds due
- $92,294
- Interest + MI left
- $115,940
- First ends
- Sep 2051
Assumption
Assumption + second
$1,994/mo
+$362/mo- Down payment
- $36,585
- Funds due
- $48,555
- Interest + MI left
- $201,289
- First ends
- Sep 2051
New loan
New conventional
$2,613/mo
+$981/mo- Down payment
- $36,585
- Funds due
- $44,786
- Interest + MI left
- $490,416
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,415 | $278,415 | $323,415 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,323.34 | $1,323.34 | $2,239.26 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $64.68 |
| Taxes, insurance & HOA | $308.75 | $308.75 | $308.75 |
| Total housing payment | $1,632.09 | $1,994.17 | $2,612.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,585
Closing costs & prepaids$11,970
Usable credit−$0
Total buyer cash needed$48,555
Earnest money paid−$0
Remaining funds due$48,555
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,392.08
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)$476.25
Prepaid interest, first (1 days)$22.73
Prepaid interest, second (1 days)$11.10
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 closing24 yr 10 moOf the original 30-year loan at 2.980%
Interest already paid$45,776Through Nov 2026
Assumption only · ends Sep 2051$115,940
Assumption + second · ends Sep 2051, second Dec 2056$201,289
New conventional · ends Dec 2056$490,416