Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,084/mo
Lowest payment- Down payment
- $106,795
- Funds due
- $119,527
- Interest + MI left
- $160,909
- First ends
- Mar 2052
Assumption
Assumption + second
$2,559/mo
+$475/mo- Down payment
- $47,795
- Funds due
- $61,864
- Interest + MI left
- $272,810
- First ends
- Mar 2052
New loan
New conventional
$3,299/mo
+$1,214/mo- Down payment
- $47,795
- Funds due
- $57,753
- Interest + MI left
- $617,103
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,105 | $363,105 | $422,105 |
| Second mortgage | — | $59,000 | — |
| First P&I | $1,729.42 | $1,729.42 | $2,859.49 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | — | — | $84.42 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $2,084.08 | $2,558.81 | $3,298.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,795
Closing costs & prepaids$14,069
Usable credit−$0
Total buyer cash needed$61,864
Earnest money paid−$0
Remaining funds due$61,864
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,815.52
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$564.00
Prepaid interest, first (6 days)$185.03
Prepaid interest, second (6 days)$87.29
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 closing25 yr 3 moOf the original 30-year loan at 3.1%
Interest already paid$56,681Through Dec 2026
Assumption only · ends Mar 2052$160,909
Assumption + second · ends Mar 2052, second Jan 2057$272,810
New conventional · ends Jan 2057$617,103