Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,441/mo
Lowest payment- Down payment
- $174,617
- Funds due
- $185,665
- Interest + MI left
- $73,854
- First ends
- Jul 2051
Assumption
Assumption + second
$2,453/mo
+$1,013/mo- Down payment
- $36,617
- Funds due
- $48,976
- Interest + MI left
- $300,388
- First ends
- Jul 2051
New loan
New conventional
$2,891/mo
+$1,450/mo- Down payment
- $36,617
- Funds due
- $45,653
- Interest + MI left
- $499,531
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,383 | $191,383 | $329,383 |
| Second mortgage | — | $138,000 | — |
| First P&I | $896.07 | $896.07 | $2,280.58 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | — | — | $65.88 |
| Taxes, insurance & HOA | $544.67 | $544.67 | $544.67 |
| Total housing payment | $1,440.74 | $2,453.33 | $2,891.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,617
Closing costs & prepaids$12,359
Usable credit−$0
Total buyer cash needed$48,976
Earnest money paid−$0
Remaining funds due$48,976
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,660.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$956.92
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)$839.00
Initial HOA (3 months)$345.00
Prepaid interest, first (2 days)$29.36
Prepaid interest, second (2 days)$60.49
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 8 moOf the original 30-year loan at 2.800%
Interest already paid$30,654Through Nov 2026
Assumption only · ends Jul 2051$73,854
Assumption + second · ends Jul 2051, second Dec 2056$300,388
New conventional · ends Dec 2056$499,531