Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,399/mo
Lowest payment- Down payment
- $61,857
- Funds due
- $72,545
- Interest + MI left
- $402,533
- First ends
- Feb 2054
Assumption
Assumption + second
$2,600/mo
+$201/mo- Down payment
- $36,857
- Funds due
- $48,801
- Interest + MI left
- $449,950
- First ends
- Feb 2054
New loan
New conventional
$2,558/mo
+$159/mo- Down payment
- $36,857
- Funds due
- $44,898
- Interest + MI left
- $490,003
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,143 | $298,143 | $323,143 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,142.74 | $2,142.74 | $2,237.38 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $64.63 |
| Taxes, insurance & HOA | $256.25 | $256.25 | $256.25 |
| Total housing payment | $2,398.99 | $2,600.15 | $2,558.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,857
Closing costs & prepaids$11,945
Usable credit−$0
Total buyer cash needed$48,801
Earnest money paid−$0
Remaining funds due$48,801
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%)$1,490.72
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)$318.75
Prepaid interest, first (1 days)$61.26
Prepaid interest, second (1 days)$6.16
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 closing27 yr 3 moOf the original 30-year loan at 7.500%
Interest already paid$62,404Through Nov 2026
Assumption only · ends Feb 2054$402,533
Assumption + second · ends Feb 2054, second Dec 2056$449,950
New conventional · ends Dec 2056$490,003