Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,357/mo
Lowest payment- Down payment
- $144,997
- Funds due
- $155,485
- Interest + MI left
- $88,087
- First ends
- Sep 2050
Assumption
Assumption + second
$2,150/mo
+$792/mo- Down payment
- $36,997
- Funds due
- $48,948
- Interest + MI left
- $265,374
- First ends
- Sep 2050
New loan
New conventional
$2,547/mo
+$1,189/mo- Down payment
- $36,997
- Funds due
- $45,656
- Interest + MI left
- $472,219
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,003 | $215,003 | $323,003 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,063.47 | $1,063.47 | $2,188.13 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $64.60 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $1,357.47 | $2,149.94 | $2,546.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,997
Closing costs & prepaids$11,951
Usable credit−$0
Total buyer cash needed$48,948
Earnest money paid−$0
Remaining funds due$48,948
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,075.01
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)$432.00
Prepaid interest, first (9 days)$162.75
Prepaid interest, second (9 days)$213.04
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 closing23 yr 9 moOf the original 30-year loan at 3.07%
Interest already paid$44,763Through Dec 2026
Assumption only · ends Sep 2050$88,087
Assumption + second · ends Sep 2050, second Jan 2057$265,374
New conventional · ends Jan 2057$472,219