Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,487/mo
Lowest payment- Down payment
- $158,150
- Funds due
- $169,276
- Interest + MI left
- $102,171
- First ends
- Oct 2051
Assumption
Assumption + second
$2,338/mo
+$851/mo- Down payment
- $42,150
- Funds due
- $54,577
- Interest + MI left
- $292,591
- First ends
- Oct 2051
New loan
New conventional
$2,961/mo
+$1,474/mo- Down payment
- $42,150
- Funds due
- $50,866
- Interest + MI left
- $573,035
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,850 | $261,850 | $377,850 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,217.46 | $1,217.46 | $2,616.16 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $75.57 |
| Taxes, insurance & HOA | $269.67 | $269.67 | $269.67 |
| Total housing payment | $1,487.13 | $2,338.30 | $2,961.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,150
Closing costs & prepaids$12,427
Usable credit−$0
Total buyer cash needed$54,577
Earnest money paid−$0
Remaining funds due$54,577
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,309.25
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)$359.00
Prepaid interest, first (2 days)$40.17
Prepaid interest, second (2 days)$50.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 2.800%
Interest already paid$39,820Through Nov 2026
Assumption only · ends Oct 2051$102,171
Assumption + second · ends Oct 2051, second Dec 2056$292,591
New conventional · ends Dec 2056$573,035