Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,198/mo
Lowest payment- Down payment
- $101,924
- Funds due
- $114,984
- Interest + MI left
- $162,330
- First ends
- Nov 2051
Assumption
Assumption + second
$2,600/mo
+$402/mo- Down payment
- $51,924
- Funds due
- $66,259
- Interest + MI left
- $257,162
- First ends
- Nov 2051
New loan
New conventional
$3,559/mo
+$1,362/mo- Down payment
- $51,924
- Funds due
- $61,754
- Interest + MI left
- $694,611
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,076 | $408,076 | $458,076 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,901.36 | $1,901.36 | $3,171.63 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $91.62 |
| Taxes, insurance & HOA | $296.17 | $296.17 | $296.17 |
| Total housing payment | $2,197.52 | $2,599.83 | $3,559.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,924
Closing costs & prepaids$14,335
Usable credit−$0
Total buyer cash needed$66,259
Earnest money paid−$0
Remaining funds due$66,259
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,040.38
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)$388.50
Prepaid interest, first (2 days)$63.50
Prepaid interest, second (2 days)$24.66
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 closing25 yrOf the original 30-year loan at 2.840%
Interest already paid$61,808Through Nov 2026
Assumption only · ends Nov 2051$162,330
Assumption + second · ends Nov 2051, second Dec 2056$257,162
New conventional · ends Dec 2056$694,611