Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,329/mo
Lowest payment- Down payment
- $103,902
- Funds due
- $115,017
- Interest + MI left
- $372,095
- First ends
- Jan 2054
Assumption
Assumption + second
$2,844/mo
+$515/mo- Down payment
- $39,902
- Funds due
- $52,283
- Interest + MI left
- $493,480
- First ends
- Jan 2054
New loan
New conventional
$2,824/mo
+$495/mo- Down payment
- $39,902
- Funds due
- $48,384
- Interest + MI left
- $538,459
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,098 | $291,098 | $355,098 |
| Second mortgage | — | $64,000 | — |
| First P&I | $2,034.33 | $2,034.33 | $2,458.63 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $71.02 |
| Taxes, insurance & HOA | $294.75 | $294.75 | $294.75 |
| Total housing payment | $2,329.08 | $2,844.04 | $2,824.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,902
Closing costs & prepaids$12,381
Usable credit−$0
Total buyer cash needed$52,283
Earnest money paid−$0
Remaining funds due$52,283
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,455.49
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)$434.25
Prepaid interest, first (1 days)$57.34
Prepaid interest, second (1 days)$15.78
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 2 moOf the original 30-year loan at 7.190%
Interest already paid$60,266Through Nov 2026
Assumption only · ends Jan 2054$372,095
Assumption + second · ends Jan 2054, second Dec 2056$493,480
New conventional · ends Dec 2056$538,459