Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,149/mo
Lowest payment- Down payment
- $229,087
- Funds due
- $243,188
- Interest + MI left
- $148,132
- First ends
- Sep 2051
Assumption
Assumption + second
$3,389/mo
+$1,240/mo- Down payment
- $60,087
- Funds due
- $75,512
- Interest + MI left
- $425,555
- First ends
- Sep 2051
New loan
New conventional
$4,253/mo
+$2,104/mo- Down payment
- $60,087
- Funds due
- $71,101
- Interest + MI left
- $818,663
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $370,813 | $370,813 | $539,813 |
| Second mortgage | — | $169,000 | — |
| First P&I | $1,741.43 | $1,741.43 | $3,737.56 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | — | — | $107.96 |
| Taxes, insurance & HOA | $407.17 | $407.17 | $407.17 |
| Total housing payment | $2,148.59 | $3,388.65 | $4,252.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,087
Closing costs & prepaids$15,425
Usable credit−$0
Total buyer cash needed$75,512
Earnest money paid−$0
Remaining funds due$75,512
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,854.06
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$535.50
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$58.31
Prepaid interest, second (2 days)$74.08
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 10 moOf the original 30-year loan at 2.870%
Interest already paid$58,781Through Nov 2026
Assumption only · ends Sep 2051$148,132
Assumption + second · ends Sep 2051, second Dec 2056$425,555
New conventional · ends Dec 2056$818,663