Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,415/mo
Lowest payment- Down payment
- $46,059
- Funds due
- $55,123
- Interest + MI left
- $146,607
- First ends
- Jul 2052
Assumption
Assumption + second
$1,761/mo
+$346/mo- Down payment
- $12,059
- Funds due
- $22,395
- Interest + MI left
- $237,333
- First ends
- Jul 2052
New loan
New conventional
$1,894/mo
+$479/mo- Down payment
- $12,059
- Funds due
- $19,327
- Interest + MI left
- $331,655
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,941 | $183,941 | $217,941 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,073.21 | $1,073.21 | $1,508.98 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $43.59 |
| Taxes, insurance & HOA | $341.67 | $341.67 | $341.67 |
| Total housing payment | $1,414.87 | $1,761.34 | $1,894.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,059
Closing costs & prepaids$10,336
Usable credit−$0
Total buyer cash needed$22,395
Earnest money paid−$0
Remaining funds due$22,395
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$919.71
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)$575.00
Prepaid interest, first (2 days)$51.50
Prepaid interest, second (2 days)$22.12
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 8 moOf the original 30-year loan at 5.110%
Interest already paid$42,309Through Nov 2026
Assumption only · ends Jul 2052$146,607
Assumption + second · ends Jul 2052, second Dec 2056$237,333
New conventional · ends Dec 2056$331,655