Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,123/mo
Lowest payment- Down payment
- $93,075
- Funds due
- $102,097
- Interest + MI left
- $67,270
- First ends
- Apr 2050
Assumption
Assumption + second
$1,670/mo
+$547/mo- Down payment
- $25,075
- Funds due
- $35,380
- Interest + MI left
- $196,241
- First ends
- Apr 2050
New loan
New conventional
$1,899/mo
+$776/mo- Down payment
- $25,075
- Funds due
- $32,369
- Interest + MI left
- $328,895
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,925 | $148,925 | $216,925 |
| Second mortgage | — | $68,000 | — |
| First P&I | $769.38 | $769.38 | $1,501.94 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | — | — | $43.39 |
| Taxes, insurance & HOA | $353.92 | $353.92 | $353.92 |
| Total housing payment | $1,123.29 | $1,670.44 | $1,899.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,075
Closing costs & prepaids$10,306
Usable credit−$0
Total buyer cash needed$35,380
Earnest money paid−$0
Remaining funds due$35,380
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,420.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$744.63
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)$611.75
Prepaid interest, first (2 days)$27.75
Prepaid interest, second (2 days)$33.53
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 closing23 yr 5 moOf the original 30-year loan at 3.400%
Interest already paid$36,220Through Nov 2026
Assumption only · ends Apr 2050$67,270
Assumption + second · ends Apr 2050, second Dec 2056$196,241
New conventional · ends Dec 2056$328,895