Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,824/mo
Lowest payment- Down payment
- $56,287
- Funds due
- $67,377
- Interest + MI left
- $121,112
- First ends
- Aug 2051
Assumption
Assumption + second
$2,211/mo
+$387/mo- Down payment
- $18,287
- Funds due
- $30,639
- Interest + MI left
- $222,511
- First ends
- Aug 2051
New loan
New conventional
$2,828/mo
+$1,004/mo- Down payment
- $18,287
- Funds due
- $26,928
- Interest + MI left
- $520,006
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,712 | $303,712 | $341,712 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,430.38 | $1,430.38 | $2,365.94 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $68.34 |
| Taxes, insurance & HOA | $393.25 | $393.25 | $393.25 |
| Total housing payment | $1,823.64 | $2,210.86 | $2,827.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,287
Closing costs & prepaids$12,353
Usable credit−$0
Total buyer cash needed$30,639
Earnest money paid−$0
Remaining funds due$30,639
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,518.56
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)$529.75
Initial HOA (3 months)$200.01
Prepaid interest, first (1 days)$23.92
Prepaid interest, second (1 days)$12.36
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 9 moOf the original 30-year loan at 2.875%
Interest already paid$49,066Through Nov 2026
Assumption only · ends Aug 2051$121,112
Assumption + second · ends Aug 2051, second Dec 2056$222,511
New conventional · ends Dec 2056$520,006