Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$22,632/mo
+$19,264/mo- Down payment
- $180,386
- Funds due
- $193,047
- Interest + MI left
- $12,310
- First ends
- Feb 2028
Assumption
Assumption + second
$23,600/mo
+$20,232/mo- Down payment
- $48,386
- Funds due
- $62,471
- Interest + MI left
- $228,995
- First ends
- Feb 2028
New loan
New conventional
$3,368/mo
Lowest payment- Down payment
- $48,386
- Funds due
- $58,461
- Interest + MI left
- $630,945
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,514 | $299,514 | $431,514 |
| Second mortgage | — | $132,000 | — |
| First P&I | $22,273.13 | $22,273.13 | $2,923.23 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | — | — | $86.30 |
| Taxes, insurance & HOA | $358.67 | $358.67 | $358.67 |
| Total housing payment | $22,631.79 | $23,600.36 | $3,368.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,386
Closing costs & prepaids$14,084
Usable credit−$0
Total buyer cash needed$62,471
Earnest money paid−$0
Remaining funds due$62,471
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,497.57
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)$576.00
Prepaid interest, first (6 days)$320.03
Prepaid interest, second (6 days)$173.59
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 closing1 yr 2 moOf the original 2-year loan at 6.5%
Interest already paid$22,245Through Dec 2026
Assumption only · ends Feb 2028$12,310
Assumption + second · ends Feb 2028, second Jan 2057$228,995
New conventional · ends Jan 2057$630,945