Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,558/mo
Lowest payment- Down payment
- $54,957
- Funds due
- $64,619
- Interest + MI left
- $105,159
- First ends
- Aug 2049
Assumption
Assumption + second
$1,791/mo
+$233/mo- Down payment
- $25,957
- Funds due
- $36,883
- Interest + MI left
- $160,162
- First ends
- Aug 2049
New loan
New conventional
$2,054/mo
+$496/mo- Down payment
- $25,957
- Funds due
- $33,638
- Interest + MI left
- $339,535
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,943 | $194,943 | $223,943 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,099.28 | $1,099.28 | $1,550.54 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $44.79 |
| Taxes, insurance & HOA | $458.75 | $458.75 | $458.75 |
| Total housing payment | $1,558.03 | $1,791.37 | $2,054.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,957
Closing costs & prepaids$10,926
Usable credit−$0
Total buyer cash needed$36,883
Earnest money paid−$0
Remaining funds due$36,883
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$974.72
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)$926.25
Prepaid interest, first (2 days)$43.80
Prepaid interest, second (2 days)$14.30
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 closing22 yr 9 moOf the original 30-year loan at 4.100%
Interest already paid$63,080Through Nov 2026
Assumption only · ends Aug 2049$105,159
Assumption + second · ends Aug 2049, second Dec 2056$160,162
New conventional · ends Dec 2056$339,535