Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,021/mo
Lowest payment- Down payment
- $349,069
- Funds due
- $363,087
- Interest + MI left
- $63,551
- First ends
- Apr 2045
Assumption
Assumption + second
$4,099/mo
+$2,078/mo- Down payment
- $59,069
- Funds due
- $74,399
- Interest + MI left
- $521,486
- First ends
- Apr 2045
New loan
New conventional
$4,423/mo
+$2,402/mo- Down payment
- $59,069
- Funds due
- $70,594
- Interest + MI left
- $803,676
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,931 | $239,931 | $529,931 |
| Second mortgage | — | $290,000 | — |
| First P&I | $1,373.22 | $1,373.22 | $3,669.14 |
| Second P&I | — | $2,077.60 | — |
| Mortgage insurance | — | — | $105.99 |
| Taxes, insurance & HOA | $647.75 | $647.75 | $647.75 |
| Total housing payment | $2,020.97 | $4,098.57 | $4,422.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,069
Closing costs & prepaids$15,330
Usable credit−$0
Total buyer cash needed$74,399
Earnest money paid−$0
Remaining funds due$74,399
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,199.66
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)$1,328.25
Initial HOA (3 months)$114.99
Prepaid interest, first (1 days)$17.42
Prepaid interest, second (1 days)$61.58
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 closing18 yr 5 moOf the original 24-year loan at 2.650%
Interest already paid$39,535Through Nov 2026
Assumption only · ends Apr 2045$63,551
Assumption + second · ends Apr 2045, second Dec 2056$521,486
New conventional · ends Dec 2056$803,676