Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,968/mo
Lowest payment- Down payment
- $60,538
- Funds due
- $71,409
- Interest + MI left
- $232,946
- First ends
- Aug 2052
Assumption
Assumption + second
$2,177/mo
+$209/mo- Down payment
- $34,538
- Funds due
- $46,717
- Interest + MI left
- $282,258
- First ends
- Aug 2052
New loan
New conventional
$2,453/mo
+$485/mo- Down payment
- $34,538
- Funds due
- $43,031
- Interest + MI left
- $453,947
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,462 | $284,462 | $310,462 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,679.89 | $1,679.89 | $2,103.18 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $62.09 |
| Taxes, insurance & HOA | $288.00 | $288.00 | $288.00 |
| Total housing payment | $1,967.89 | $2,177.10 | $2,453.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,538
Closing costs & prepaids$12,179
Usable credit−$0
Total buyer cash needed$46,717
Earnest money paid−$0
Remaining funds due$46,717
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,422.31
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)$414.00
Prepaid interest, first (9 days)$366.84
Prepaid interest, second (9 days)$57.70
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 closing25 yr 8 moOf the original 30-year loan at 5.23%
Interest already paid$66,916Through Dec 2026
Assumption only · ends Aug 2052$232,946
Assumption + second · ends Aug 2052, second Jan 2057$282,258
New conventional · ends Jan 2057$453,947