Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,894/mo
Lowest payment- Down payment
- $178,765
- Funds due
- $193,422
- Interest + MI left
- $344,949
- First ends
- Aug 2052
Assumption
Assumption + second
$3,760/mo
+$866/mo- Down payment
- $60,765
- Funds due
- $76,827
- Interest + MI left
- $538,652
- First ends
- Aug 2052
New loan
New conventional
$4,167/mo
+$1,273/mo- Down payment
- $60,765
- Funds due
- $72,189
- Interest + MI left
- $788,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $421,235 | $421,235 | $539,235 |
| Second mortgage | — | $118,000 | — |
| First P&I | $2,487.61 | $2,487.61 | $3,652.97 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | — | — | $107.85 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $2,894.28 | $3,760.12 | $4,167.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,765
Closing costs & prepaids$16,061
Usable credit−$0
Total buyer cash needed$76,827
Earnest money paid−$0
Remaining funds due$76,827
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,106.17
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)$720.00
Prepaid interest, first (6 days)$362.15
Prepaid interest, second (6 days)$155.18
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 8 moOf the original 30-year loan at 5.23%
Interest already paid$99,090Through Dec 2026
Assumption only · ends Aug 2052$344,949
Assumption + second · ends Aug 2052, second Jan 2057$538,652
New conventional · ends Jan 2057$788,451