Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,361/mo
Lowest payment- Down payment
- $245,729
- Funds due
- $260,456
- Interest + MI left
- $147,052
- First ends
- Oct 2050
Assumption
Assumption + second
$3,704/mo
+$1,343/mo- Down payment
- $62,729
- Funds due
- $78,746
- Interest + MI left
- $447,456
- First ends
- Oct 2050
New loan
New conventional
$4,533/mo
+$2,172/mo- Down payment
- $62,729
- Funds due
- $74,223
- Interest + MI left
- $852,722
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $379,271 | $379,271 | $562,271 |
| Second mortgage | — | $183,000 | — |
| First P&I | $1,833.88 | $1,833.88 | $3,893.05 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | — | — | $112.45 |
| Taxes, insurance & HOA | $527.50 | $527.50 | $527.50 |
| Total housing payment | $2,361.38 | $3,704.17 | $4,533.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,729
Closing costs & prepaids$16,017
Usable credit−$0
Total buyer cash needed$78,746
Earnest money paid−$0
Remaining funds due$78,746
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,896.35
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)$1,007.50
Initial HOA (3 months)$75.00
Prepaid interest, first (1 days)$30.13
Prepaid interest, second (1 days)$40.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 2.900%
Interest already paid$72,552Through Nov 2026
Assumption only · ends Oct 2050$147,052
Assumption + second · ends Oct 2050, second Dec 2056$447,456
New conventional · ends Dec 2056$852,722