Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$585/mo
Lowest payment- Down payment
- $207,871
- Funds due
- $216,004
- Interest + MI left
- $14,275
- First ends
- Jul 2039
Assumption
Assumption + second
$1,921/mo
+$1,335/mo- Down payment
- $25,871
- Funds due
- $35,334
- Interest + MI left
- $313,038
- First ends
- Jul 2039
New loan
New conventional
$1,811/mo
+$1,226/mo- Down payment
- $25,871
- Funds due
- $32,821
- Interest + MI left
- $339,817
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $42,129 | $42,129 | $224,129 |
| Second mortgage | — | $182,000 | — |
| First P&I | $371.08 | $371.08 | $1,551.82 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | — | — | $44.83 |
| Taxes, insurance & HOA | $214.25 | $214.25 | $214.25 |
| Total housing payment | $585.33 | $1,920.78 | $1,810.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,871
Closing costs & prepaids$9,462
Usable credit−$0
Total buyer cash needed$35,334
Earnest money paid−$0
Remaining funds due$35,334
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$210.64
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)$192.75
Prepaid interest, first (2 days)$11.15
Prepaid interest, second (2 days)$79.78
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 closing12 yr 8 moOf the original 30-year loan at 4.830%
Interest already paid$48,830Through Nov 2026
Assumption only · ends Jul 2039$14,275
Assumption + second · ends Jul 2039, second Dec 2056$313,038
New conventional · ends Dec 2056$339,817