Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,181/mo
Lowest payment- Down payment
- $423,790
- Funds due
- $443,450
- Interest + MI left
- $180,187
- First ends
- Nov 2050
Assumption
Assumption + second
$5,581/mo
+$2,400/mo- Down payment
- $88,790
- Funds due
- $109,842
- Interest + MI left
- $709,181
- First ends
- Nov 2050
New loan
New conventional
$6,626/mo
+$3,445/mo- Down payment
- $88,790
- Funds due
- $104,712
- Interest + MI left
- $1,207,506
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $461,210 | $461,210 | $796,210 |
| Second mortgage | — | $335,000 | — |
| First P&I | $2,227.07 | $2,227.07 | $5,512.80 |
| Second P&I | — | $2,399.98 | — |
| Mortgage insurance | — | — | $159.24 |
| Taxes, insurance & HOA | $954.17 | $954.17 | $954.17 |
| Total housing payment | $3,181.24 | $5,581.22 | $6,626.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,790
Closing costs & prepaids$21,052
Usable credit−$0
Total buyer cash needed$109,842
Earnest money paid−$0
Remaining funds due$109,842
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,306.05
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,212.50
Prepaid interest, first (2 days)$73.54
Prepaid interest, second (2 days)$142.26
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 yrOf the original 30-year loan at 2.910%
Interest already paid$87,188Through Nov 2026
Assumption only · ends Nov 2050$180,187
Assumption + second · ends Nov 2050, second Dec 2056$709,181
New conventional · ends Dec 2056$1,207,506