Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,866/mo
Lowest payment- Down payment
- $115,776
- Funds due
- $127,573
- Interest + MI left
- $109,999
- First ends
- Aug 2051
Assumption
Assumption + second
$2,478/mo
+$612/mo- Down payment
- $39,776
- Funds due
- $52,860
- Interest + MI left
- $254,144
- First ends
- Aug 2051
New loan
New conventional
$3,064/mo
+$1,197/mo- Down payment
- $39,776
- Funds due
- $49,113
- Interest + MI left
- $529,552
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,224 | $273,224 | $349,224 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,290.31 | $1,290.31 | $2,417.96 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $69.84 |
| Taxes, insurance & HOA | $576.17 | $576.17 | $576.17 |
| Total housing payment | $1,866.48 | $2,478.00 | $3,063.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,776
Closing costs & prepaids$13,084
Usable credit−$0
Total buyer cash needed$52,860
Earnest money paid−$0
Remaining funds due$52,860
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,366.12
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)$1,064.25
Initial HOA (3 months)$214.26
Prepaid interest, first (2 days)$43.42
Prepaid interest, second (2 days)$37.48
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 9 moOf the original 30-year loan at 2.900%
Interest already paid$44,513Through Nov 2026
Assumption only · ends Aug 2051$109,999
Assumption + second · ends Aug 2051, second Dec 2056$254,144
New conventional · ends Dec 2056$529,552