Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,989/mo
Lowest payment- Down payment
- $56,545
- Funds due
- $68,125
- Interest + MI left
- $145,348
- First ends
- Feb 2052
Assumption
Assumption + second
$2,366/mo
+$377/mo- Down payment
- $19,545
- Funds due
- $32,387
- Interest + MI left
- $244,079
- First ends
- Feb 2052
New loan
New conventional
$3,040/mo
+$1,052/mo- Down payment
- $19,545
- Funds due
- $28,525
- Interest + MI left
- $560,929
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,555 | $331,555 | $368,555 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,573.94 | $1,573.94 | $2,551.80 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $73.71 |
| Taxes, insurance & HOA | $414.92 | $414.92 | $414.92 |
| Total housing payment | $1,988.85 | $2,365.89 | $3,040.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,545
Closing costs & prepaids$12,841
Usable credit−$0
Total buyer cash needed$32,387
Earnest money paid−$0
Remaining funds due$32,387
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,881.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,657.77
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)$404.75
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$27.89
Prepaid interest, second (1 days)$12.04
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 3 moOf the original 30-year loan at 3.070%
Interest already paid$51,269Through Nov 2026
Assumption only · ends Feb 2052$145,348
Assumption + second · ends Feb 2052, second Dec 2056$244,079
New conventional · ends Dec 2056$560,929