Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,551/mo
Lowest payment- Down payment
- $56,108
- Funds due
- $69,192
- Interest + MI left
- $258,286
- First ends
- Jun 2052
Assumption
Assumption + second
$2,877/mo
+$326/mo- Down payment
- $24,108
- Funds due
- $38,505
- Interest + MI left
- $343,674
- First ends
- Jun 2052
New loan
New conventional
$3,464/mo
+$913/mo- Down payment
- $24,108
- Funds due
- $34,332
- Interest + MI left
- $654,286
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $413,892 | $413,892 | $445,892 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,196.66 | $2,196.66 | $3,020.63 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $89.18 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $2,551.33 | $2,877.41 | $3,464.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,108
Closing costs & prepaids$14,397
Usable credit−$0
Total buyer cash needed$38,505
Earnest money paid−$0
Remaining funds due$38,505
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,069.46
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)$283.03
Prepaid interest, second (6 days)$62.47
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 6 moOf the original 30-year loan at 4.16%
Interest already paid$81,161Through Dec 2026
Assumption only · ends Jun 2052$258,286
Assumption + second · ends Jun 2052, second Jan 2057$343,674
New conventional · ends Jan 2057$654,286