Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,685/mo
Lowest payment- Down payment
- $216,361
- Funds due
- $228,362
- Interest + MI left
- $96,592
- First ends
- Sep 2050
Assumption
Assumption + second
$2,947/mo
+$1,262/mo- Down payment
- $44,361
- Funds due
- $57,650
- Interest + MI left
- $378,939
- First ends
- Sep 2050
New loan
New conventional
$3,383/mo
+$1,698/mo- Down payment
- $44,361
- Funds due
- $54,068
- Interest + MI left
- $599,862
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,539 | $223,539 | $395,539 |
| Second mortgage | — | $172,000 | — |
| First P&I | $1,119.34 | $1,119.34 | $2,738.63 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $79.11 |
| Taxes, insurance & HOA | $565.58 | $565.58 | $565.58 |
| Total housing payment | $1,684.92 | $2,947.00 | $3,383.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,361
Closing costs & prepaids$13,289
Usable credit−$0
Total buyer cash needed$57,650
Earnest money paid−$0
Remaining funds due$57,650
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,117.70
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)$421.75
Initial HOA (3 months)$825.00
Prepaid interest, first (1 days)$19.66
Prepaid interest, second (1 days)$37.70
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 closing23 yr 10 moOf the original 30-year loan at 3.210%
Interest already paid$47,871Through Nov 2026
Assumption only · ends Sep 2050$96,592
Assumption + second · ends Sep 2050, second Dec 2056$378,939
New conventional · ends Dec 2056$599,862