Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,170/mo
Lowest payment- Down payment
- $190,662
- Funds due
- $201,129
- Interest + MI left
- $70,621
- First ends
- May 2051
Assumption
Assumption + second
$2,293/mo
+$1,123/mo- Down payment
- $37,662
- Funds due
- $49,681
- Interest + MI left
- $321,778
- First ends
- May 2051
New loan
New conventional
$2,653/mo
+$1,483/mo- Down payment
- $37,662
- Funds due
- $46,508
- Interest + MI left
- $493,244
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,338 | $184,338 | $337,338 |
| Second mortgage | — | $153,000 | — |
| First P&I | $870.17 | $870.17 | $2,285.25 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | — | — | $67.47 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,170.17 | $2,292.83 | $2,652.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,662
Closing costs & prepaids$12,019
Usable credit−$0
Total buyer cash needed$49,681
Earnest money paid−$0
Remaining funds due$49,681
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$921.69
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)$450.00
Prepaid interest, first (9 days)$127.72
Prepaid interest, second (9 days)$301.81
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 5 moOf the original 30-year loan at 2.81%
Interest already paid$31,139Through Dec 2026
Assumption only · ends May 2051$70,621
Assumption + second · ends May 2051, second Jan 2057$321,778
New conventional · ends Jan 2057$493,244