Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$953/mo
Lowest payment- Down payment
- $52,881
- Funds due
- $61,205
- Interest + MI left
- $57,183
- First ends
- Dec 2051
Assumption
Assumption + second
$1,219/mo
+$266/mo- Down payment
- $19,881
- Funds due
- $29,471
- Interest + MI left
- $119,772
- First ends
- Dec 2051
New loan
New conventional
$1,539/mo
+$585/mo- Down payment
- $19,881
- Funds due
- $26,551
- Interest + MI left
- $265,545
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,119 | $142,119 | $175,119 |
| Second mortgage | — | $33,000 | — |
| First P&I | $662.13 | $662.13 | $1,212.49 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $35.02 |
| Taxes, insurance & HOA | $291.00 | $291.00 | $291.00 |
| Total housing payment | $953.13 | $1,218.66 | $1,538.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,881
Closing costs & prepaids$9,590
Usable credit−$0
Total buyer cash needed$29,471
Earnest money paid−$0
Remaining funds due$29,471
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$710.60
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)$423.00
Prepaid interest, first (2 days)$22.27
Prepaid interest, second (2 days)$16.27
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 closing25 yr 1 moOf the original 30-year loan at 2.860%
Interest already paid$21,285Through Nov 2026
Assumption only · ends Dec 2051$57,183
Assumption + second · ends Dec 2051, second Dec 2056$119,772
New conventional · ends Dec 2056$265,545