Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$727/mo
Lowest payment- Down payment
- $220,577
- Funds due
- $229,865
- Interest + MI left
- $39,309
- First ends
- Apr 2051
Assumption
Assumption + second
$2,099/mo
+$1,372/mo- Down payment
- $33,577
- Funds due
- $44,197
- Interest + MI left
- $346,279
- First ends
- Apr 2051
New loan
New conventional
$2,331/mo
+$1,604/mo- Down payment
- $33,577
- Funds due
- $41,294
- Interest + MI left
- $449,486
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,423 | $109,423 | $296,423 |
| Second mortgage | — | $187,000 | — |
| First P&I | $507.62 | $507.62 | $2,052.37 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | — | — | $59.28 |
| Taxes, insurance & HOA | $219.17 | $219.17 | $219.17 |
| Total housing payment | $726.78 | $2,098.92 | $2,330.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,577
Closing costs & prepaids$10,620
Usable credit−$0
Total buyer cash needed$44,197
Earnest money paid−$0
Remaining funds due$44,197
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$547.12
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)$207.50
Prepaid interest, first (2 days)$15.89
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 5 moOf the original 30-year loan at 2.650%
Interest already paid$17,463Through Nov 2026
Assumption only · ends Apr 2051$39,309
Assumption + second · ends Apr 2051, second Dec 2056$346,279
New conventional · ends Dec 2056$449,486