Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,208/mo
Lowest payment- Down payment
- $214,847
- Funds due
- $228,842
- Interest + MI left
- $149,904
- First ends
- Dec 2050
Assumption
Assumption + second
$3,338/mo
+$1,130/mo- Down payment
- $60,847
- Funds due
- $76,126
- Interest + MI left
- $402,703
- First ends
- Dec 2050
New loan
New conventional
$4,198/mo
+$1,989/mo- Down payment
- $60,847
- Funds due
- $71,594
- Interest + MI left
- $817,552
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,152 | $385,152 | $539,152 |
| Second mortgage | — | $154,000 | — |
| First P&I | $1,851.40 | $1,851.40 | $3,732.98 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $107.83 |
| Taxes, insurance & HOA | $356.92 | $356.92 | $356.92 |
| Total housing payment | $2,208.32 | $3,338.32 | $4,197.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,847
Closing costs & prepaids$15,279
Usable credit−$0
Total buyer cash needed$76,126
Earnest money paid−$0
Remaining funds due$76,126
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,925.76
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)$463.75
Initial HOA (3 months)$107.01
Prepaid interest, first (1 days)$30.50
Prepaid interest, second (1 days)$33.75
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 1 moOf the original 30-year loan at 2.890%
Interest already paid$71,226Through Nov 2026
Assumption only · ends Dec 2050$149,904
Assumption + second · ends Dec 2050, second Dec 2056$402,703
New conventional · ends Dec 2056$817,552