Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,613/mo
Lowest payment- Down payment
- $239,264
- Funds due
- $251,741
- Interest + MI left
- $92,284
- First ends
- Mar 2051
Assumption
Assumption + second
$2,999/mo
+$1,387/mo- Down payment
- $50,264
- Funds due
- $64,033
- Interest + MI left
- $402,537
- First ends
- Mar 2051
New loan
New conventional
$3,589/mo
+$1,976/mo- Down payment
- $50,264
- Funds due
- $60,239
- Interest + MI left
- $674,383
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,736 | $255,736 | $444,736 |
| Second mortgage | — | $189,000 | — |
| First P&I | $1,191.85 | $1,191.85 | $3,079.26 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | — | — | $88.95 |
| Taxes, insurance & HOA | $420.67 | $420.67 | $420.67 |
| Total housing payment | $1,612.51 | $2,999.33 | $3,588.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,264
Closing costs & prepaids$13,769
Usable credit−$0
Total buyer cash needed$64,033
Earnest money paid−$0
Remaining funds due$64,033
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,278.68
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$501.00
Initial HOA (3 months)$261.00
Prepaid interest, first (1 days)$18.71
Prepaid interest, second (1 days)$41.42
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 4 moOf the original 30-year loan at 2.670%
Interest already paid$41,782Through Nov 2026
Assumption only · ends Mar 2051$92,284
Assumption + second · ends Mar 2051, second Dec 2056$402,537
New conventional · ends Dec 2056$674,383