Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,280/mo
Lowest payment- Down payment
- $234,063
- Funds due
- $245,054
- Interest + MI left
- $96,181
- First ends
- Mar 2052
Assumption
Assumption + second
$2,689/mo
+$1,409/mo- Down payment
- $42,063
- Funds due
- $54,388
- Interest + MI left
- $411,359
- First ends
- Mar 2052
New loan
New conventional
$3,044/mo
+$1,764/mo- Down payment
- $42,063
- Funds due
- $51,028
- Interest + MI left
- $573,015
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,837 | $185,837 | $377,837 |
| Second mortgage | — | $192,000 | — |
| First P&I | $927.69 | $927.69 | $2,616.07 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $75.57 |
| Taxes, insurance & HOA | $352.75 | $352.75 | $352.75 |
| Total housing payment | $1,280.44 | $2,689.27 | $3,044.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,063
Closing costs & prepaids$12,325
Usable credit−$0
Total buyer cash needed$54,388
Earnest money paid−$0
Remaining funds due$54,388
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$929.18
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)$608.25
Prepaid interest, first (2 days)$36.15
Prepaid interest, second (2 days)$84.16
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 4 moOf the original 30-year loan at 3.550%
Interest already paid$32,474Through Nov 2026
Assumption only · ends Mar 2052$96,181
Assumption + second · ends Mar 2052, second Dec 2056$411,359
New conventional · ends Dec 2056$573,015