Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,791/mo
Lowest payment- Down payment
- $219,168
- Funds due
- $231,903
- Interest + MI left
- $109,679
- First ends
- Dec 2050
Assumption
Assumption + second
$3,031/mo
+$1,240/mo- Down payment
- $50,168
- Funds due
- $64,227
- Interest + MI left
- $387,102
- First ends
- Dec 2050
New loan
New conventional
$3,644/mo
+$1,853/mo- Down payment
- $50,168
- Funds due
- $60,343
- Interest + MI left
- $682,049
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,732 | $280,732 | $449,732 |
| Second mortgage | — | $169,000 | — |
| First P&I | $1,350.90 | $1,350.90 | $3,113.85 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | — | — | $89.95 |
| Taxes, insurance & HOA | $440.00 | $440.00 | $440.00 |
| Total housing payment | $1,790.90 | $3,030.97 | $3,643.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,168
Closing costs & prepaids$14,059
Usable credit−$0
Total buyer cash needed$64,227
Earnest money paid−$0
Remaining funds due$64,227
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,403.66
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$820.00
Prepaid interest, first (2 days)$44.61
Prepaid interest, second (2 days)$74.08
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 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$52,089Through Nov 2026
Assumption only · ends Dec 2050$109,679
Assumption + second · ends Dec 2050, second Dec 2056$387,102
New conventional · ends Dec 2056$682,049