Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,550/mo
Lowest payment- Down payment
- $63,047
- Funds due
- $73,414
- Interest + MI left
- $111,469
- First ends
- Jun 2051
Assumption
Assumption + second
$1,792/mo
+$241/mo- Down payment
- $33,047
- Funds due
- $44,730
- Interest + MI left
- $168,368
- First ends
- Jun 2051
New loan
New conventional
$2,316/mo
+$766/mo- Down payment
- $33,047
- Funds due
- $41,298
- Interest + MI left
- $426,825
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,953 | $261,953 | $291,953 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,270.14 | $1,270.14 | $1,977.79 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $58.39 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,550.14 | $1,791.53 | $2,316.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,047
Closing costs & prepaids$11,683
Usable credit−$0
Total buyer cash needed$44,730
Earnest money paid−$0
Remaining funds due$44,730
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,309.76
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)$390.00
Prepaid interest, first (9 days)$198.94
Prepaid interest, second (9 days)$66.58
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 6 moOf the original 30-year loan at 3.08%
Interest already paid$47,578Through Dec 2026
Assumption only · ends Jun 2051$111,469
Assumption + second · ends Jun 2051, second Jan 2057$168,368
New conventional · ends Jan 2057$426,825