Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,972/mo
Lowest payment- Down payment
- $81,038
- Funds due
- $92,942
- Interest + MI left
- $148,706
- First ends
- Dec 2051
Assumption
Assumption + second
$2,262/mo
+$290/mo- Down payment
- $45,038
- Funds due
- $58,209
- Interest + MI left
- $216,985
- First ends
- Dec 2051
New loan
New conventional
$3,118/mo
+$1,146/mo- Down payment
- $45,038
- Funds due
- $53,982
- Interest + MI left
- $606,489
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,962 | $363,962 | $399,962 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,703.21 | $1,703.21 | $2,769.26 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $79.99 |
| Taxes, insurance & HOA | $269.17 | $269.17 | $269.17 |
| Total housing payment | $1,972.38 | $2,262.04 | $3,118.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,038
Closing costs & prepaids$13,171
Usable credit−$0
Total buyer cash needed$58,209
Earnest money paid−$0
Remaining funds due$58,209
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,819.81
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)$357.50
Prepaid interest, first (2 days)$57.83
Prepaid interest, second (2 days)$17.75
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 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$55,251Through Nov 2026
Assumption only · ends Dec 2051$148,706
Assumption + second · ends Dec 2051, second Dec 2056$216,985
New conventional · ends Dec 2056$606,489