Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,839/mo
Lowest payment- Down payment
- $275,646
- Funds due
- $288,758
- Interest + MI left
- $135,551
- First ends
- Sep 2050
Assumption
Assumption + second
$3,415/mo
+$1,576/mo- Down payment
- $55,646
- Funds due
- $70,101
- Interest + MI left
- $482,950
- First ends
- Sep 2050
New loan
New conventional
$3,928/mo
+$2,088/mo- Down payment
- $55,646
- Funds due
- $66,183
- Interest + MI left
- $749,621
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,353 | $274,353 | $494,353 |
| Second mortgage | — | $220,000 | — |
| First P&I | $1,433.23 | $1,433.23 | $3,422.80 |
| Second P&I | — | $1,576.11 | — |
| Mortgage insurance | — | — | $98.87 |
| Taxes, insurance & HOA | $406.00 | $406.00 | $406.00 |
| Total housing payment | $1,839.23 | $3,415.34 | $3,927.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,646
Closing costs & prepaids$14,456
Usable credit−$0
Total buyer cash needed$70,101
Earnest money paid−$0
Remaining funds due$70,101
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,371.77
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)$538.00
Initial HOA (3 months)$180.00
Prepaid interest, first (2 days)$54.42
Prepaid interest, second (2 days)$93.42
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 closing23 yr 10 moOf the original 30-year loan at 3.620%
Interest already paid$65,948Through Nov 2026
Assumption only · ends Sep 2050$135,551
Assumption + second · ends Sep 2050, second Dec 2056$482,950
New conventional · ends Dec 2056$749,621