Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,168/mo
Lowest payment- Down payment
- $65,519
- Funds due
- $76,830
- Interest + MI left
- $226,559
- First ends
- Aug 2052
Assumption
Assumption + second
$2,409/mo
+$241/mo- Down payment
- $35,519
- Funds due
- $48,095
- Interest + MI left
- $283,459
- First ends
- Aug 2052
New loan
New conventional
$2,754/mo
+$586/mo- Down payment
- $35,519
- Funds due
- $44,307
- Interest + MI left
- $476,869
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,481 | $284,481 | $314,481 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,653.85 | $1,653.85 | $2,177.40 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $62.90 |
| Taxes, insurance & HOA | $513.67 | $513.67 | $513.67 |
| Total housing payment | $2,167.52 | $2,408.91 | $2,753.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,519
Closing costs & prepaids$12,576
Usable credit−$0
Total buyer cash needed$48,095
Earnest money paid−$0
Remaining funds due$48,095
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,422.40
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)$875.00
Initial HOA (3 months)$216.00
Prepaid interest, first (2 days)$79.34
Prepaid interest, second (2 days)$14.79
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 closing25 yr 9 moOf the original 30-year loan at 5.090%
Interest already paid$63,877Through Nov 2026
Assumption only · ends Aug 2052$226,559
Assumption + second · ends Aug 2052, second Dec 2056$283,459
New conventional · ends Dec 2056$476,869