Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,167/mo
Lowest payment- Down payment
- $146,327
- Funds due
- $159,432
- Interest + MI left
- $152,194
- First ends
- Aug 2050
Assumption
Assumption + second
$2,932/mo
+$764/mo- Down payment
- $51,327
- Funds due
- $65,822
- Interest + MI left
- $332,375
- First ends
- Aug 2050
New loan
New conventional
$3,533/mo
+$1,365/mo- Down payment
- $51,327
- Funds due
- $61,680
- Interest + MI left
- $663,254
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $358,673 | $358,673 | $453,673 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,798.83 | $1,798.83 | $3,073.34 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $90.73 |
| Taxes, insurance & HOA | $368.67 | $368.67 | $368.67 |
| Total housing payment | $2,167.50 | $2,931.89 | $3,532.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,327
Closing costs & prepaids$14,495
Usable credit−$0
Total buyer cash needed$65,822
Earnest money paid−$0
Remaining funds due$65,822
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,793.37
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)$606.00
Prepaid interest, first (6 days)$187.49
Prepaid interest, second (6 days)$140.55
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 closing23 yr 8 moOf the original 30-year loan at 3.18%
Interest already paid$78,384Through Dec 2026
Assumption only · ends Aug 2050$152,194
Assumption + second · ends Aug 2050, second Jan 2057$332,375
New conventional · ends Jan 2057$663,254