Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,481/mo
Lowest payment- Down payment
- $270,606
- Funds due
- $289,789
- Interest + MI left
- $266,127
- First ends
- Feb 2052
Assumption
Assumption + second
$4,823/mo
+$1,343/mo- Down payment
- $87,606
- Funds due
- $108,079
- Interest + MI left
- $566,531
- First ends
- Feb 2052
New loan
New conventional
$6,194/mo
+$2,713/mo- Down payment
- $87,606
- Funds due
- $102,235
- Interest + MI left
- $1,185,037
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $598,394 | $598,394 | $781,394 |
| Second mortgage | — | $183,000 | — |
| First P&I | $2,853.20 | $2,853.20 | $5,410.21 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | — | — | $156.28 |
| Taxes, insurance & HOA | $627.33 | $627.33 | $627.33 |
| Total housing payment | $3,480.53 | $4,823.32 | $6,193.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,606
Closing costs & prepaids$20,473
Usable credit−$0
Total buyer cash needed$108,079
Earnest money paid−$0
Remaining funds due$108,079
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,991.97
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$961.00
Initial HOA (3 months)$270.99
Prepaid interest, first (1 days)$50.99
Prepaid interest, second (1 days)$40.11
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 3 moOf the original 30-year loan at 3.110%
Interest already paid$93,703Through Nov 2026
Assumption only · ends Feb 2052$266,127
Assumption + second · ends Feb 2052, second Dec 2056$566,531
New conventional · ends Dec 2056$1,185,037