Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,237/mo
Lowest payment- Down payment
- $75,180
- Funds due
- $88,087
- Interest + MI left
- $175,591
- First ends
- Mar 2052
Assumption
Assumption + second
$2,463/mo
+$225/mo- Down payment
- $47,180
- Funds due
- $61,379
- Interest + MI left
- $228,697
- First ends
- Mar 2052
New loan
New conventional
$3,304/mo
+$1,066/mo- Down payment
- $47,180
- Funds due
- $57,146
- Interest + MI left
- $618,233
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $394,820 | $394,820 | $422,820 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,882.55 | $1,882.55 | $2,864.33 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $84.56 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $2,237.21 | $2,462.51 | $3,303.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,180
Closing costs & prepaids$14,199
Usable credit−$0
Total buyer cash needed$61,379
Earnest money paid−$0
Remaining funds due$61,379
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%)$1,974.10
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)$201.85
Prepaid interest, second (6 days)$41.42
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 3 moOf the original 30-year loan at 3.11%
Interest already paid$61,826Through Dec 2026
Assumption only · ends Mar 2052$175,591
Assumption + second · ends Mar 2052, second Jan 2057$228,697
New conventional · ends Jan 2057$618,233