Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$819/mo
Lowest payment- Down payment
- $250,367
- Funds due
- $260,152
- Interest + MI left
- $28,603
- First ends
- Jan 2051
Assumption
Assumption + second
$2,373/mo
+$1,555/mo- Down payment
- $33,367
- Funds due
- $44,448
- Interest + MI left
- $371,264
- First ends
- Jan 2051
New loan
New conventional
$2,540/mo
+$1,722/mo- Down payment
- $33,367
- Funds due
- $41,705
- Interest + MI left
- $442,164
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,633 | $74,633 | $291,633 |
| Second mortgage | — | $217,000 | — |
| First P&I | $355.99 | $355.99 | $2,019.21 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | — | — | $58.33 |
| Taxes, insurance & HOA | $462.58 | $462.58 | $462.58 |
| Total housing payment | $818.57 | $2,373.18 | $2,540.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,367
Closing costs & prepaids$11,081
Usable credit−$0
Total buyer cash needed$44,448
Earnest money paid−$0
Remaining funds due$44,448
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$373.16
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)$442.75
Initial HOA (3 months)$495.00
Prepaid interest, first (1 days)$5.81
Prepaid interest, second (1 days)$46.08
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 2 moOf the original 30-year loan at 2.840%
Interest already paid$13,362Through Nov 2026
Assumption only · ends Jan 2051$28,603
Assumption + second · ends Jan 2051, second Dec 2056$371,264
New conventional · ends Dec 2056$442,164