Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,810/mo
Lowest payment- Down payment
- $109,191
- Funds due
- $120,798
- Interest + MI left
- $120,122
- First ends
- Dec 2050
Assumption
Assumption + second
$2,349/mo
+$539/mo- Down payment
- $42,191
- Funds due
- $55,148
- Interest + MI left
- $247,197
- First ends
- Dec 2050
New loan
New conventional
$2,946/mo
+$1,135/mo- Down payment
- $42,191
- Funds due
- $51,332
- Interest + MI left
- $550,957
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,809 | $309,809 | $376,809 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,492.81 | $1,492.81 | $2,552.64 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $75.36 |
| Taxes, insurance & HOA | $317.58 | $317.58 | $317.58 |
| Total housing payment | $1,810.40 | $2,349.49 | $2,945.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,191
Closing costs & prepaids$12,956
Usable credit−$0
Total buyer cash needed$55,148
Earnest money paid−$0
Remaining funds due$55,148
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,549.04
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)$502.75
Prepaid interest, first (6 days)$147.18
Prepaid interest, second (6 days)$99.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 yrOf the original 30-year loan at 2.89%
Interest already paid$58,178Through Dec 2026
Assumption only · ends Dec 2050$120,122
Assumption + second · ends Dec 2050, second Jan 2057$247,197
New conventional · ends Jan 2057$550,957