Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$971/mo
Lowest payment- Down payment
- $93,457
- Funds due
- $102,171
- Interest + MI left
- $47,890
- First ends
- Jan 2051
Assumption
Assumption + second
$1,542/mo
+$571/mo- Down payment
- $22,457
- Funds due
- $32,438
- Interest + MI left
- $182,552
- First ends
- Jan 2051
New loan
New conventional
$1,773/mo
+$802/mo- Down payment
- $22,457
- Funds due
- $29,556
- Interest + MI left
- $297,840
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,443 | $125,443 | $196,443 |
| Second mortgage | — | $71,000 | — |
| First P&I | $597.70 | $597.70 | $1,360.13 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | — | — | $39.29 |
| Taxes, insurance & HOA | $373.08 | $373.08 | $373.08 |
| Total housing payment | $970.78 | $1,542.06 | $1,772.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,457
Closing costs & prepaids$9,981
Usable credit−$0
Total buyer cash needed$32,438
Earnest money paid−$0
Remaining funds due$32,438
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,189.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$627.21
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)$135.25
Initial HOA (3 months)$534.00
Prepaid interest, first (1 days)$9.73
Prepaid interest, second (1 days)$17.51
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 2 moOf the original 30-year loan at 2.830%
Interest already paid$22,382Through Nov 2026
Assumption only · ends Jan 2051$47,890
Assumption + second · ends Jan 2051, second Dec 2056$182,552
New conventional · ends Dec 2056$297,840