Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,102/mo
Lowest payment- Down payment
- $56,827
- Funds due
- $68,742
- Interest + MI left
- $164,209
- First ends
- Jul 2051
Assumption
Assumption + second
$2,459/mo
+$357/mo- Down payment
- $21,827
- Funds due
- $35,061
- Interest + MI left
- $257,603
- First ends
- Jul 2051
New loan
New conventional
$3,088/mo
+$986/mo- Down payment
- $21,827
- Funds due
- $31,195
- Interest + MI left
- $582,798
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,173 | $362,173 | $397,173 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $2,690.59 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $79.43 |
| Taxes, insurance & HOA | $317.58 | $317.58 | $317.58 |
| Total housing payment | $2,101.93 | $2,458.58 | $3,087.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,827
Closing costs & prepaids$13,233
Usable credit−$0
Total buyer cash needed$35,061
Earnest money paid−$0
Remaining funds due$35,061
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%)$1,810.86
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)$193.49
Prepaid interest, second (6 days)$68.32
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 7 moOf the original 30-year loan at 3.25%
Interest already paid$68,155Through Dec 2026
Assumption only · ends Jul 2051$164,209
Assumption + second · ends Jul 2051, second Jan 2057$257,603
New conventional · ends Jan 2057$582,798