Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$932/mo
Lowest payment- Down payment
- $118,309
- Funds due
- $127,171
- Interest + MI left
- $57,214
- First ends
- Sep 2050
Assumption
Assumption + second
$1,673/mo
+$740/mo- Down payment
- $26,309
- Funds due
- $36,626
- Interest + MI left
- $231,705
- First ends
- Sep 2050
New loan
New conventional
$1,847/mo
+$915/mo- Down payment
- $26,309
- Funds due
- $33,732
- Interest + MI left
- $334,293
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,691 | $136,691 | $228,691 |
| Second mortgage | — | $92,000 | — |
| First P&I | $680.37 | $680.37 | $1,549.23 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $45.74 |
| Taxes, insurance & HOA | $252.00 | $252.00 | $252.00 |
| Total housing payment | $932.37 | $1,672.62 | $1,846.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,309
Closing costs & prepaids$10,317
Usable credit−$0
Total buyer cash needed$36,626
Earnest money paid−$0
Remaining funds due$36,626
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$683.46
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)$306.00
Prepaid interest, first (9 days)$105.50
Prepaid interest, second (9 days)$204.16
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 3.13%
Interest already paid$28,994Through Dec 2026
Assumption only · ends Sep 2050$57,214
Assumption + second · ends Sep 2050, second Jan 2057$231,705
New conventional · ends Jan 2057$334,293