Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,467/mo
Lowest payment- Down payment
- $309,648
- Funds due
- $325,382
- Interest + MI left
- $146,307
- First ends
- Dec 2050
Assumption
Assumption + second
$4,186/mo
+$1,719/mo- Down payment
- $69,648
- Funds due
- $86,683
- Interest + MI left
- $525,287
- First ends
- Dec 2050
New loan
New conventional
$5,064/mo
+$2,597/mo- Down payment
- $69,648
- Funds due
- $82,087
- Interest + MI left
- $940,654
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,252 | $380,252 | $620,252 |
| Second mortgage | — | $240,000 | — |
| First P&I | $1,822.00 | $1,822.00 | $4,294.50 |
| Second P&I | — | $1,719.39 | — |
| Mortgage insurance | — | — | $124.05 |
| Taxes, insurance & HOA | $645.08 | $645.08 | $645.08 |
| Total housing payment | $2,467.08 | $4,186.47 | $5,063.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,648
Closing costs & prepaids$17,034
Usable credit−$0
Total buyer cash needed$86,683
Earnest money paid−$0
Remaining funds due$86,683
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,901.26
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)$1,435.25
Prepaid interest, first (1 days)$29.80
Prepaid interest, second (1 days)$50.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.860%
Interest already paid$69,614Through Nov 2026
Assumption only · ends Dec 2050$146,307
Assumption + second · ends Dec 2050, second Dec 2056$525,287
New conventional · ends Dec 2056$940,654