Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,126/mo
Lowest payment- Down payment
- $170,094
- Funds due
- $180,112
- Interest + MI left
- $57,492
- First ends
- Apr 2051
Assumption
Assumption + second
$2,131/mo
+$1,005/mo- Down payment
- $33,094
- Funds due
- $44,422
- Interest + MI left
- $282,384
- First ends
- Apr 2051
New loan
New conventional
$2,480/mo
+$1,355/mo- Down payment
- $33,094
- Funds due
- $41,308
- Interest + MI left
- $442,637
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,906 | $154,906 | $291,906 |
| Second mortgage | — | $137,000 | — |
| First P&I | $724.91 | $724.91 | $2,021.10 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | — | — | $58.38 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $1,125.57 | $2,130.83 | $2,480.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,094
Closing costs & prepaids$11,328
Usable credit−$0
Total buyer cash needed$44,422
Earnest money paid−$0
Remaining funds due$44,422
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$774.53
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)$752.00
Prepaid interest, first (2 days)$23.17
Prepaid interest, second (2 days)$60.05
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$25,445Through Nov 2026
Assumption only · ends Apr 2051$57,492
Assumption + second · ends Apr 2051, second Dec 2056$282,384
New conventional · ends Dec 2056$442,637