Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,361/mo
Lowest payment- Down payment
- $80,484
- Funds due
- $90,094
- Interest + MI left
- $106,678
- First ends
- May 2052
Assumption
Assumption + second
$1,788/mo
+$426/mo- Down payment
- $27,484
- Funds due
- $38,370
- Interest + MI left
- $207,200
- First ends
- May 2052
New loan
New conventional
$2,102/mo
+$740/mo- Down payment
- $27,484
- Funds due
- $35,160
- Interest + MI left
- $360,114
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,516 | $184,516 | $237,516 |
| Second mortgage | — | $53,000 | — |
| First P&I | $951.61 | $951.61 | $1,644.51 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | — | — | $47.50 |
| Taxes, insurance & HOA | $409.75 | $409.75 | $409.75 |
| Total housing payment | $1,361.36 | $1,787.81 | $2,101.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,484
Closing costs & prepaids$10,885
Usable credit−$0
Total buyer cash needed$38,370
Earnest money paid−$0
Remaining funds due$38,370
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$922.58
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)$779.25
Prepaid interest, first (2 days)$39.33
Prepaid interest, second (2 days)$26.14
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 6 moOf the original 30-year loan at 3.890%
Interest already paid$33,903Through Nov 2026
Assumption only · ends May 2052$106,678
Assumption + second · ends May 2052, second Dec 2056$207,200
New conventional · ends Dec 2056$360,114