Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,631/mo
Lowest payment- Down payment
- $97,046
- Funds due
- $115,613
- Interest + MI left
- $270,020
- First ends
- Jan 2052
Assumption
Assumption + second
$4,222/mo
+$591/mo- Down payment
- $39,046
- Funds due
- $59,032
- Interest + MI left
- $424,787
- First ends
- Jan 2052
New loan
New conventional
$5,571/mo
+$1,940/mo- Down payment
- $39,046
- Funds due
- $53,908
- Interest + MI left
- $1,062,305
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $665,954 | $665,954 | $723,954 |
| Second mortgage | — | $58,000 | — |
| First P&I | $3,109.55 | $3,109.55 | $4,904.32 |
| Second P&I | — | $591.02 | — |
| Mortgage insurance | — | — | $144.79 |
| Taxes, insurance & HOA | $521.83 | $521.83 | $521.83 |
| Total housing payment | $3,631.38 | $4,222.40 | $5,570.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,046
Closing costs & prepaids$19,986
Usable credit−$0
Total buyer cash needed$59,032
Earnest money paid−$0
Remaining funds due$59,032
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,630.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,329.77
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$915.50
Prepaid interest, first (9 days)$472.92
Prepaid interest, second (9 days)$169.83
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 1 moOf the original 30-year loan at 2.88%
Interest already paid$100,417Through Dec 2026
Assumption only · ends Jan 2052$270,020
Assumption + second · ends Jan 2052, second Jan 2057$424,787
New conventional · ends Jan 2057$1,062,305