Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,760/mo
Lowest payment- Down payment
- $91,035
- Funds due
- $102,320
- Interest + MI left
- $132,976
- First ends
- May 2052
Assumption
Assumption + second
$2,170/mo
+$410/mo- Down payment
- $40,035
- Funds due
- $52,583
- Interest + MI left
- $229,705
- First ends
- May 2052
New loan
New conventional
$2,880/mo
+$1,120/mo- Down payment
- $40,035
- Funds due
- $48,630
- Interest + MI left
- $545,911
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,965 | $308,965 | $359,965 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,444.25 | $1,444.25 | $2,492.32 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $71.99 |
| Taxes, insurance & HOA | $315.75 | $315.75 | $315.75 |
| Total housing payment | $1,760.01 | $2,170.36 | $2,880.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,035
Closing costs & prepaids$12,548
Usable credit−$0
Total buyer cash needed$52,583
Earnest money paid−$0
Remaining funds due$52,583
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,544.82
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)$417.25
Initial HOA (3 months)$80.01
Prepaid interest, first (1 days)$25.31
Prepaid interest, second (1 days)$12.58
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 6 moOf the original 30-year loan at 2.990%
Interest already paid$43,955Through Nov 2026
Assumption only · ends May 2052$132,976
Assumption + second · ends May 2052, second Dec 2056$229,705
New conventional · ends Dec 2056$545,911