Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,454/mo
Lowest payment- Down payment
- $81,297
- Funds due
- $91,551
- Interest + MI left
- $92,365
- First ends
- Feb 2051
Assumption
Assumption + second
$1,840/mo
+$386/mo- Down payment
- $33,297
- Funds due
- $44,872
- Interest + MI left
- $183,404
- First ends
- Feb 2051
New loan
New conventional
$2,344/mo
+$890/mo- Down payment
- $33,297
- Funds due
- $41,423
- Interest + MI left
- $432,367
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,703 | $247,703 | $295,703 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,172.65 | $1,172.65 | $2,003.20 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | — | — | $59.14 |
| Taxes, insurance & HOA | $281.58 | $281.58 | $281.58 |
| Total housing payment | $1,454.23 | $1,840.45 | $2,343.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,297
Closing costs & prepaids$11,575
Usable credit−$0
Total buyer cash needed$44,872
Earnest money paid−$0
Remaining funds due$44,872
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,238.51
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)$394.75
Prepaid interest, first (6 days)$112.79
Prepaid interest, second (6 days)$71.01
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 yr 2 moOf the original 30-year loan at 2.77%
Interest already paid$43,288Through Dec 2026
Assumption only · ends Feb 2051$92,365
Assumption + second · ends Feb 2051, second Jan 2057$183,404
New conventional · ends Jan 2057$432,367