Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,867/mo
Lowest payment- Down payment
- $48,848
- Funds due
- $58,430
- Interest + MI left
- $289,021
- First ends
- Sep 2053
Assumption
Assumption + second
$2,214/mo
+$346/mo- Down payment
- $14,848
- Funds due
- $25,691
- Interest + MI left
- $379,747
- First ends
- Sep 2053
New loan
New conventional
$2,181/mo
+$314/mo- Down payment
- $14,848
- Funds due
- $22,293
- Interest + MI left
- $418,717
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,152 | $241,152 | $275,152 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,646.50 | $1,646.50 | $1,905.10 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $55.03 |
| Taxes, insurance & HOA | $220.75 | $220.75 | $220.75 |
| Total housing payment | $1,867.25 | $2,213.71 | $2,180.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,848
Closing costs & prepaids$10,843
Usable credit−$0
Total buyer cash needed$25,691
Earnest money paid−$0
Remaining funds due$25,691
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,205.76
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)$212.25
Prepaid interest, first (1 days)$45.59
Prepaid interest, second (1 days)$11.06
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 closing26 yr 10 moOf the original 30-year loan at 6.900%
Interest already paid$53,719Through Nov 2026
Assumption only · ends Sep 2053$289,021
Assumption + second · ends Sep 2053, second Dec 2056$379,747
New conventional · ends Dec 2056$418,717