Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,019/mo
Lowest payment- Down payment
- $167,201
- Funds due
- $180,040
- Interest + MI left
- $110,345
- First ends
- Oct 2051
Assumption
Assumption + second
$2,914/mo
+$895/mo- Down payment
- $45,201
- Funds due
- $59,343
- Interest + MI left
- $310,615
- First ends
- Oct 2051
New loan
New conventional
$3,588/mo
+$1,569/mo- Down payment
- $45,201
- Funds due
- $55,501
- Interest + MI left
- $613,905
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,799 | $282,799 | $404,799 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,314.86 | $1,314.86 | $2,802.75 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $80.96 |
| Taxes, insurance & HOA | $704.41 | $704.41 | $704.41 |
| Total housing payment | $2,019.28 | $2,914.47 | $3,588.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,201
Closing costs & prepaids$14,142
Usable credit−$0
Total buyer cash needed$59,343
Earnest money paid−$0
Remaining funds due$59,343
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,413.99
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)$1,518.25
Initial HOA (3 months)$144.99
Prepaid interest, first (2 days)$43.39
Prepaid interest, second (2 days)$53.48
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 11 moOf the original 30-year loan at 2.800%
Interest already paid$43,005Through Nov 2026
Assumption only · ends Oct 2051$110,345
Assumption + second · ends Oct 2051, second Dec 2056$310,615
New conventional · ends Dec 2056$613,905