Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,251/mo
Lowest payment- Down payment
- $144,047
- Funds due
- $154,097
- Interest + MI left
- $68,824
- First ends
- Dec 2050
Assumption
Assumption + second
$2,072/mo
+$822/mo- Down payment
- $32,047
- Funds due
- $43,371
- Interest + MI left
- $252,678
- First ends
- Dec 2050
New loan
New conventional
$2,437/mo
+$1,186/mo- Down payment
- $32,047
- Funds due
- $40,172
- Interest + MI left
- $429,061
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,953 | $170,953 | $282,953 |
| Second mortgage | — | $112,000 | — |
| First P&I | $829.68 | $829.68 | $1,959.11 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | — | — | $56.59 |
| Taxes, insurance & HOA | $420.92 | $420.92 | $420.92 |
| Total housing payment | $1,250.59 | $2,072.41 | $2,436.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,047
Closing costs & prepaids$11,324
Usable credit−$0
Total buyer cash needed$43,371
Earnest money paid−$0
Remaining funds due$43,371
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$854.76
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)$488.75
Initial HOA (3 months)$324.00
Prepaid interest, first (1 days)$13.96
Prepaid interest, second (1 days)$24.55
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 1 moOf the original 30-year loan at 2.980%
Interest already paid$32,565Through Nov 2026
Assumption only · ends Dec 2050$68,824
Assumption + second · ends Dec 2050, second Dec 2056$252,678
New conventional · ends Dec 2056$429,061