Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,074/mo
Lowest payment- Down payment
- $70,161
- Funds due
- $79,022
- Interest + MI left
- $72,671
- First ends
- Sep 2051
Assumption
Assumption + second
$1,436/mo
+$362/mo- Down payment
- $25,161
- Funds due
- $35,283
- Interest + MI left
- $158,020
- First ends
- Sep 2051
New loan
New conventional
$1,828/mo
+$754/mo- Down payment
- $25,161
- Funds due
- $32,109
- Interest + MI left
- $340,983
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,839 | $179,839 | $224,839 |
| Second mortgage | — | $45,000 | — |
| First P&I | $847.35 | $847.35 | $1,556.74 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $44.97 |
| Taxes, insurance & HOA | $226.50 | $226.50 | $226.50 |
| Total housing payment | $1,073.85 | $1,435.93 | $1,828.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,161
Closing costs & prepaids$10,122
Usable credit−$0
Total buyer cash needed$35,283
Earnest money paid−$0
Remaining funds due$35,283
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$899.19
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)$229.50
Prepaid interest, first (1 days)$14.29
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 2.900%
Interest already paid$28,797Through Nov 2026
Assumption only · ends Sep 2051$72,671
Assumption + second · ends Sep 2051, second Dec 2056$158,020
New conventional · ends Dec 2056$340,983