Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,767/mo
Lowest payment- Down payment
- $121,579
- Funds due
- $132,957
- Interest + MI left
- $113,658
- First ends
- Nov 2050
Assumption
Assumption + second
$2,427/mo
+$660/mo- Down payment
- $39,579
- Funds due
- $52,247
- Interest + MI left
- $269,183
- First ends
- Nov 2050
New loan
New conventional
$2,937/mo
+$1,170/mo- Down payment
- $39,579
- Funds due
- $48,522
- Interest + MI left
- $531,367
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,421 | $268,421 | $350,421 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,326.66 | $1,326.66 | $2,426.24 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | — | — | $70.08 |
| Taxes, insurance & HOA | $440.50 | $440.50 | $440.50 |
| Total housing payment | $1,767.16 | $2,426.95 | $2,936.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,579
Closing costs & prepaids$12,668
Usable credit−$0
Total buyer cash needed$52,247
Earnest money paid−$0
Remaining funds due$52,247
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,342.11
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)$871.50
Prepaid interest, first (2 days)$46.04
Prepaid interest, second (2 days)$40.44
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 closing24 yrOf the original 30-year loan at 3.130%
Interest already paid$54,441Through Nov 2026
Assumption only · ends Nov 2050$113,658
Assumption + second · ends Nov 2050, second Dec 2056$269,183
New conventional · ends Dec 2056$531,367