Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,683/mo
Lowest payment- Down payment
- $221,144
- Funds due
- $233,309
- Interest + MI left
- $85,910
- First ends
- May 2051
Assumption
Assumption + second
$2,989/mo
+$1,306/mo- Down payment
- $43,144
- Funds due
- $56,598
- Interest + MI left
- $378,106
- First ends
- May 2051
New loan
New conventional
$3,432/mo
+$1,750/mo- Down payment
- $43,144
- Funds due
- $53,107
- Interest + MI left
- $585,177
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,856 | $207,856 | $385,856 |
| Second mortgage | — | $178,000 | — |
| First P&I | $999.20 | $999.20 | $2,671.59 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | — | — | $77.17 |
| Taxes, insurance & HOA | $683.58 | $683.58 | $683.58 |
| Total housing payment | $1,682.78 | $2,988.88 | $3,432.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,144
Closing costs & prepaids$13,454
Usable credit−$0
Total buyer cash needed$56,598
Earnest money paid−$0
Remaining funds due$56,598
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,039.28
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)$1,317.75
Initial HOA (3 months)$282.99
Prepaid interest, first (1 days)$17.08
Prepaid interest, second (1 days)$39.01
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 closing24 yr 6 moOf the original 30-year loan at 3.000%
Interest already paid$36,803Through Nov 2026
Assumption only · ends May 2051$85,910
Assumption + second · ends May 2051, second Dec 2056$378,106
New conventional · ends Dec 2056$585,177