Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,113/mo
Lowest payment- Down payment
- $147,224
- Funds due
- $156,826
- Interest + MI left
- $62,491
- First ends
- Sep 2050
Assumption
Assumption + second
$1,971/mo
+$859/mo- Down payment
- $30,224
- Funds due
- $41,101
- Interest + MI left
- $254,552
- First ends
- Sep 2050
New loan
New conventional
$2,263/mo
+$1,151/mo- Down payment
- $30,224
- Funds due
- $38,033
- Interest + MI left
- $401,346
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,676 | $147,676 | $264,676 |
| Second mortgage | — | $117,000 | — |
| First P&I | $734.85 | $734.85 | $1,832.56 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | — | — | $52.94 |
| Taxes, insurance & HOA | $377.92 | $377.92 | $377.92 |
| Total housing payment | $1,112.77 | $1,971.27 | $2,263.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,224
Closing costs & prepaids$10,878
Usable credit−$0
Total buyer cash needed$41,101
Earnest money paid−$0
Remaining funds due$41,101
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,949.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$738.38
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)$443.75
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$12.74
Prepaid interest, second (1 days)$25.64
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 3.150%
Interest already paid$31,055Through Nov 2026
Assumption only · ends Sep 2050$62,491
Assumption + second · ends Sep 2050, second Dec 2056$254,552
New conventional · ends Dec 2056$401,346