Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,946/mo
Lowest payment- Down payment
- $79,088
- Funds due
- $89,897
- Interest + MI left
- $200,468
- First ends
- Apr 2052
Assumption
Assumption + second
$2,308/mo
+$362/mo- Down payment
- $34,088
- Funds due
- $46,158
- Interest + MI left
- $285,817
- First ends
- Apr 2052
New loan
New conventional
$2,613/mo
+$667/mo- Down payment
- $34,088
- Funds due
- $42,484
- Interest + MI left
- $463,936
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,912 | $260,912 | $305,912 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,512.72 | $1,512.72 | $2,118.07 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $61.18 |
| Taxes, insurance & HOA | $433.33 | $433.33 | $433.33 |
| Total housing payment | $1,946.05 | $2,308.13 | $2,612.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,088
Closing costs & prepaids$12,069
Usable credit−$0
Total buyer cash needed$46,158
Earnest money paid−$0
Remaining funds due$46,158
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,304.56
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)$850.00
Prepaid interest, first (1 days)$35.74
Prepaid interest, second (1 days)$11.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 5.000%
Interest already paid$62,319Through Nov 2026
Assumption only · ends Apr 2052$200,468
Assumption + second · ends Apr 2052, second Dec 2056$285,817
New conventional · ends Dec 2056$463,936