Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,477/mo
Lowest payment- Down payment
- $119,061
- Funds due
- $132,051
- Interest + MI left
- $185,919
- First ends
- May 2051
Assumption
Assumption + second
$2,992/mo
+$515/mo- Down payment
- $55,061
- Funds due
- $69,317
- Interest + MI left
- $307,304
- First ends
- May 2051
New loan
New conventional
$3,901/mo
+$1,424/mo- Down payment
- $55,061
- Funds due
- $64,622
- Interest + MI left
- $749,092
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $429,939 | $429,939 | $493,939 |
| Second mortgage | — | $64,000 | — |
| First P&I | $2,094.76 | $2,094.76 | $3,419.93 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $98.79 |
| Taxes, insurance & HOA | $382.08 | $382.08 | $382.08 |
| Total housing payment | $2,476.84 | $2,991.80 | $3,900.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,061
Closing costs & prepaids$14,257
Usable credit−$0
Total buyer cash needed$69,317
Earnest money paid−$0
Remaining funds due$69,317
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,149.70
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,200.00
Insurance escrow (3 months)$300.00
Property tax escrow (3 months)$510.25
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$36.81
Prepaid interest, second (1 days)$15.78
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 closing24 yr 6 moOf the original 30-year loan at 3.125%
Interest already paid$79,193Through Nov 2026
Assumption only · ends May 2051$185,919
Assumption + second · ends May 2051, second Dec 2056$307,304
New conventional · ends Dec 2056$749,092