Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,283/mo
Lowest payment- Down payment
- $214,643
- Funds due
- $224,570
- Interest + MI left
- $29,368
- First ends
- Feb 2041
Assumption
Assumption + second
$2,597/mo
+$1,313/mo- Down payment
- $35,643
- Funds due
- $46,899
- Interest + MI left
- $323,206
- First ends
- Feb 2041
New loan
New conventional
$2,559/mo
+$1,276/mo- Down payment
- $35,643
- Funds due
- $43,850
- Interest + MI left
- $476,529
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,257 | $135,257 | $314,257 |
| Second mortgage | — | $179,000 | — |
| First P&I | $962.72 | $962.72 | $2,175.85 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | — | — | $62.85 |
| Taxes, insurance & HOA | $320.75 | $320.75 | $320.75 |
| Total housing payment | $1,283.47 | $2,596.91 | $2,559.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,643
Closing costs & prepaids$11,255
Usable credit−$0
Total buyer cash needed$46,899
Earnest money paid−$0
Remaining funds due$46,899
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$676.28
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)$512.25
Prepaid interest, first (2 days)$21.05
Prepaid interest, second (2 days)$78.47
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 closing14 yr 3 moOf the original 20-year loan at 2.840%
Interest already paid$25,563Through Nov 2026
Assumption only · ends Feb 2041$29,368
Assumption + second · ends Feb 2041, second Dec 2056$323,206
New conventional · ends Dec 2056$476,529