Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,967/mo
Lowest payment- Down payment
- $101,489
- Funds due
- $116,765
- Interest + MI left
- $210,603
- First ends
- Mar 2052
Assumption
Assumption + second
$3,313/mo
+$346/mo- Down payment
- $58,489
- Funds due
- $75,026
- Interest + MI left
- $292,159
- First ends
- Mar 2052
New loan
New conventional
$4,396/mo
+$1,429/mo- Down payment
- $58,489
- Funds due
- $70,085
- Interest + MI left
- $783,220
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $473,511 | $473,511 | $516,511 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,250.38 | $2,250.38 | $3,576.22 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | — | — | $103.30 |
| Taxes, insurance & HOA | $716.92 | $716.92 | $716.92 |
| Total housing payment | $2,967.29 | $3,313.28 | $4,396.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,489
Closing costs & prepaids$16,537
Usable credit−$0
Total buyer cash needed$75,026
Earnest money paid−$0
Remaining funds due$75,026
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,367.56
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)$1,266.75
Initial HOA (3 months)$384.00
Prepaid interest, first (1 days)$40.22
Prepaid interest, second (1 days)$10.60
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 closing25 yr 4 moOf the original 30-year loan at 3.100%
Interest already paid$72,533Through Nov 2026
Assumption only · ends Mar 2052$210,603
Assumption + second · ends Mar 2052, second Dec 2056$292,159
New conventional · ends Dec 2056$783,220