Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,751/mo
Lowest payment- Down payment
- $151,166
- Funds due
- $162,449
- Interest + MI left
- $131,248
- First ends
- Mar 2050
Assumption
Assumption + second
$2,550/mo
+$800/mo- Down payment
- $42,166
- Funds due
- $54,723
- Interest + MI left
- $310,178
- First ends
- Mar 2050
New loan
New conventional
$2,996/mo
+$1,245/mo- Down payment
- $42,166
- Funds due
- $50,964
- Interest + MI left
- $565,353
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,834 | $263,834 | $372,834 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,411.01 | $1,411.01 | $2,581.43 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | — | — | $74.57 |
| Taxes, insurance & HOA | $339.58 | $339.58 | $339.58 |
| Total housing payment | $1,750.59 | $2,550.39 | $2,995.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,166
Closing costs & prepaids$12,557
Usable credit−$0
Total buyer cash needed$54,723
Earnest money paid−$0
Remaining funds due$54,723
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,319.17
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)$433.75
Initial HOA (3 months)$135.00
Prepaid interest, first (1 days)$26.89
Prepaid interest, second (1 days)$23.89
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 4 moOf the original 30-year loan at 3.720%
Interest already paid$70,914Through Nov 2026
Assumption only · ends Mar 2050$131,248
Assumption + second · ends Mar 2050, second Dec 2056$310,178
New conventional · ends Dec 2056$565,353