Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,431/mo
Lowest payment- Down payment
- $111,481
- Funds due
- $121,989
- Interest + MI left
- $100,430
- First ends
- Sep 2051
Assumption
Assumption + second
$2,043/mo
+$612/mo- Down payment
- $35,481
- Funds due
- $47,408
- Interest + MI left
- $244,574
- First ends
- Sep 2051
New loan
New conventional
$2,484/mo
+$1,052/mo- Down payment
- $35,481
- Funds due
- $44,028
- Interest + MI left
- $459,879
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,519 | $238,519 | $314,519 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,141.24 | $1,141.24 | $2,130.66 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $62.90 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,431.24 | $2,042.75 | $2,483.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,481
Closing costs & prepaids$11,927
Usable credit−$0
Total buyer cash needed$47,408
Earnest money paid−$0
Remaining funds due$47,408
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,192.60
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)$420.00
Prepaid interest, first (9 days)$177.61
Prepaid interest, second (9 days)$168.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 3.02%
Interest already paid$40,418Through Dec 2026
Assumption only · ends Sep 2051$100,430
Assumption + second · ends Sep 2051, second Jan 2057$244,574
New conventional · ends Jan 2057$459,879