Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,395/mo
Lowest payment- Down payment
- $183,041
- Funds due
- $193,677
- Interest + MI left
- $94,930
- First ends
- Apr 2050
Assumption
Assumption + second
$2,458/mo
+$1,064/mo- Down payment
- $38,041
- Funds due
- $49,958
- Interest + MI left
- $332,955
- First ends
- Apr 2050
New loan
New conventional
$2,788/mo
+$1,394/mo- Down payment
- $38,041
- Funds due
- $46,573
- Interest + MI left
- $517,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,959 | $195,959 | $340,959 |
| Second mortgage | — | $145,000 | — |
| First P&I | $1,035.19 | $1,035.19 | $2,360.73 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | — | — | $68.19 |
| Taxes, insurance & HOA | $359.33 | $359.33 | $359.33 |
| Total housing payment | $1,394.52 | $2,458.48 | $2,788.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,041
Closing costs & prepaids$11,917
Usable credit−$0
Total buyer cash needed$49,958
Earnest money paid−$0
Remaining funds due$49,958
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$979.79
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)$427.00
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$19.43
Prepaid interest, second (1 days)$31.78
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 closing23 yr 5 moOf the original 30-year loan at 3.620%
Interest already paid$50,609Through Nov 2026
Assumption only · ends Apr 2050$94,930
Assumption + second · ends Apr 2050, second Dec 2056$332,955
New conventional · ends Dec 2056$517,087