Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$930/mo
Lowest payment- Down payment
- $224,312
- Funds due
- $234,279
- Interest + MI left
- $54,491
- First ends
- May 2051
Assumption
Assumption + second
$2,302/mo
+$1,372/mo- Down payment
- $37,312
- Funds due
- $48,611
- Interest + MI left
- $361,461
- First ends
- May 2051
New loan
New conventional
$2,619/mo
+$1,689/mo- Down payment
- $37,312
- Funds due
- $45,497
- Interest + MI left
- $504,544
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,688 | $145,688 | $332,688 |
| Second mortgage | — | $187,000 | — |
| First P&I | $680.88 | $680.88 | $2,303.46 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | — | — | $66.54 |
| Taxes, insurance & HOA | $249.42 | $249.42 | $249.42 |
| Total housing payment | $930.30 | $2,302.43 | $2,619.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,312
Closing costs & prepaids$11,299
Usable credit−$0
Total buyer cash needed$48,611
Earnest money paid−$0
Remaining funds due$48,611
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$728.44
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$298.25
Prepaid interest, first (2 days)$21.87
Prepaid interest, second (2 days)$81.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing24 yr 6 moOf the original 30-year loan at 2.740%
Interest already paid$23,626Through Nov 2026
Assumption only · ends May 2051$54,491
Assumption + second · ends May 2051, second Dec 2056$361,461
New conventional · ends Dec 2056$504,544