Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,327/mo
Lowest payment- Down payment
- $178,175
- Funds due
- $188,767
- Interest + MI left
- $90,411
- First ends
- Sep 2050
Assumption
Assumption + second
$2,340/mo
+$1,013/mo- Down payment
- $40,175
- Funds due
- $52,048
- Interest + MI left
- $316,945
- First ends
- Sep 2050
New loan
New conventional
$2,791/mo
+$1,464/mo- Down payment
- $40,175
- Funds due
- $48,528
- Interest + MI left
- $542,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,825 | $219,825 | $357,825 |
| Second mortgage | — | $138,000 | — |
| First P&I | $1,084.74 | $1,084.74 | $2,477.51 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | — | — | $71.57 |
| Taxes, insurance & HOA | $242.33 | $242.33 | $242.33 |
| Total housing payment | $1,327.07 | $2,339.67 | $2,791.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,175
Closing costs & prepaids$11,873
Usable credit−$0
Total buyer cash needed$52,048
Earnest money paid−$0
Remaining funds due$52,048
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,099.13
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)$277.00
Prepaid interest, first (1 days)$18.49
Prepaid interest, second (1 days)$30.25
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 closing23 yr 10 moOf the original 30-year loan at 3.070%
Interest already paid$45,096Through Nov 2026
Assumption only · ends Sep 2050$90,411
Assumption + second · ends Sep 2050, second Dec 2056$316,945
New conventional · ends Dec 2056$542,666