Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,401/mo
Lowest payment- Down payment
- $179,316
- Funds due
- $194,042
- Interest + MI left
- $133,491
- First ends
- Mar 2051
Assumption
Assumption + second
$3,252/mo
+$851/mo- Down payment
- $63,316
- Funds due
- $79,317
- Interest + MI left
- $323,911
- First ends
- Mar 2051
New loan
New conventional
$4,418/mo
+$2,018/mo- Down payment
- $63,316
- Funds due
- $74,473
- Interest + MI left
- $851,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $445,684 | $445,684 | $561,684 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,983.48 | $1,983.48 | $3,888.99 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $112.34 |
| Taxes, insurance & HOA | $417.09 | $417.09 | $417.09 |
| Total housing payment | $2,400.56 | $3,251.73 | $4,418.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,316
Closing costs & prepaids$16,001
Usable credit−$0
Total buyer cash needed$79,317
Earnest money paid−$0
Remaining funds due$79,317
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,228.42
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)$476.25
Initial HOA (3 months)$275.01
Prepaid interest, first (1 days)$27.47
Prepaid interest, second (1 days)$25.42
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 4 moOf the original 30-year loan at 2.250%
Interest already paid$61,660Through Nov 2026
Assumption only · ends Mar 2051$133,491
Assumption + second · ends Mar 2051, second Dec 2056$323,911
New conventional · ends Dec 2056$851,719