Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,754/mo
Lowest payment- Down payment
- $264,134
- Funds due
- $277,207
- Interest + MI left
- $116,014
- First ends
- Feb 2052
Assumption
Assumption + second
$3,265/mo
+$1,512/mo- Down payment
- $53,134
- Funds due
- $67,502
- Interest + MI left
- $449,201
- First ends
- Feb 2052
New loan
New conventional
$3,871/mo
+$2,118/mo- Down payment
- $53,134
- Funds due
- $63,653
- Interest + MI left
- $715,515
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,861 | $260,861 | $471,861 |
| Second mortgage | — | $211,000 | — |
| First P&I | $1,243.81 | $1,243.81 | $3,267.07 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | — | — | $94.37 |
| Taxes, insurance & HOA | $509.75 | $509.75 | $509.75 |
| Total housing payment | $1,753.56 | $3,265.19 | $3,871.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,134
Closing costs & prepaids$14,369
Usable credit−$0
Total buyer cash needed$67,502
Earnest money paid−$0
Remaining funds due$67,502
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,249.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,304.31
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)$819.25
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$22.23
Prepaid interest, second (1 days)$44.80
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing25 yr 3 moOf the original 30-year loan at 3.110%
Interest already paid$40,849Through Nov 2026
Assumption only · ends Feb 2052$116,014
Assumption + second · ends Feb 2052, second Dec 2056$449,201
New conventional · ends Dec 2056$715,515