Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,665/mo
Lowest payment- Down payment
- $148,711
- Funds due
- $160,269
- Interest + MI left
- $115,819
- First ends
- May 2051
Assumption
Assumption + second
$2,420/mo
+$756/mo- Down payment
- $45,711
- Funds due
- $58,564
- Interest + MI left
- $284,899
- First ends
- May 2051
New loan
New conventional
$3,126/mo
+$1,461/mo- Down payment
- $45,711
- Funds due
- $54,631
- Interest + MI left
- $612,899
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,189 | $301,189 | $404,189 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,418.40 | $1,418.40 | $2,798.52 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $80.84 |
| Taxes, insurance & HOA | $246.25 | $246.25 | $246.25 |
| Total housing payment | $1,664.65 | $2,420.42 | $3,125.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,711
Closing costs & prepaids$12,853
Usable credit−$0
Total buyer cash needed$58,564
Earnest money paid−$0
Remaining funds due$58,564
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,505.95
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)$249.75
Initial HOA (3 months)$39.00
Prepaid interest, first (2 days)$46.37
Prepaid interest, second (2 days)$45.15
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 closing24 yr 6 moOf the original 30-year loan at 2.810%
Interest already paid$50,053Through Nov 2026
Assumption only · ends May 2051$115,819
Assumption + second · ends May 2051, second Dec 2056$284,899
New conventional · ends Dec 2056$612,899