Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,906/mo
Lowest payment- Down payment
- $164,727
- Funds due
- $177,621
- Interest + MI left
- $129,626
- First ends
- Feb 2052
Assumption
Assumption + second
$2,742/mo
+$836/mo- Down payment
- $50,727
- Funds due
- $65,021
- Interest + MI left
- $316,763
- First ends
- Feb 2052
New loan
New conventional
$3,499/mo
+$1,594/mo- Down payment
- $50,727
- Funds due
- $61,024
- Interest + MI left
- $656,765
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,173 | $335,173 | $449,173 |
| Second mortgage | — | $114,000 | — |
| First P&I | $1,539.07 | $1,539.07 | $3,042.85 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | — | — | $89.83 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,905.74 | $2,742.23 | $3,499.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,727
Closing costs & prepaids$14,294
Usable credit−$0
Total buyer cash needed$65,021
Earnest money paid−$0
Remaining funds due$65,021
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,675.87
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)$600.00
Prepaid interest, first (6 days)$151.52
Prepaid interest, second (6 days)$149.92
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 2 moOf the original 30-year loan at 2.75%
Interest already paid$47,439Through Dec 2026
Assumption only · ends Feb 2052$129,626
Assumption + second · ends Feb 2052, second Jan 2057$316,763
New conventional · ends Jan 2057$656,765