Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,064/mo
Lowest payment- Down payment
- $156,313
- Funds due
- $166,030
- Interest + MI left
- $64,425
- First ends
- Apr 2051
Assumption
Assumption + second
$1,967/mo
+$903/mo- Down payment
- $33,313
- Funds due
- $44,334
- Interest + MI left
- $266,336
- First ends
- Apr 2051
New loan
New conventional
$2,365/mo
+$1,300/mo- Down payment
- $33,313
- Funds due
- $41,130
- Interest + MI left
- $449,735
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,587 | $173,587 | $296,587 |
| Second mortgage | — | $123,000 | — |
| First P&I | $812.33 | $812.33 | $2,053.51 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | — | — | $59.32 |
| Taxes, insurance & HOA | $252.08 | $252.08 | $252.08 |
| Total housing payment | $1,064.41 | $1,966.94 | $2,364.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,313
Closing costs & prepaids$11,021
Usable credit−$0
Total buyer cash needed$44,334
Earnest money paid−$0
Remaining funds due$44,334
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$867.94
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)$306.25
Prepaid interest, first (2 days)$25.97
Prepaid interest, second (2 days)$53.92
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 5 moOf the original 30-year loan at 2.730%
Interest already paid$28,513Through Nov 2026
Assumption only · ends Apr 2051$64,425
Assumption + second · ends Apr 2051, second Dec 2056$266,336
New conventional · ends Dec 2056$449,735