Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,910/mo
Lowest payment- Down payment
- $199,250
- Funds due
- $212,181
- Interest + MI left
- $134,680
- First ends
- Mar 2052
Assumption
Assumption + second
$3,004/mo
+$1,093/mo- Down payment
- $50,250
- Funds due
- $64,463
- Interest + MI left
- $379,271
- First ends
- Mar 2052
New loan
New conventional
$3,682/mo
+$1,771/mo- Down payment
- $50,250
- Funds due
- $60,448
- Interest + MI left
- $681,924
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,650 | $300,650 | $449,650 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,432.01 | $1,432.01 | $3,113.29 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | — | — | $89.93 |
| Taxes, insurance & HOA | $478.34 | $478.34 | $478.34 |
| Total housing payment | $1,910.34 | $3,003.65 | $3,681.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,250
Closing costs & prepaids$14,214
Usable credit−$0
Total buyer cash needed$64,463
Earnest money paid−$0
Remaining funds due$64,463
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,503.25
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)$624.00
Initial HOA (3 months)$311.01
Prepaid interest, first (1 days)$25.70
Prepaid interest, second (1 days)$32.66
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 4 moOf the original 30-year loan at 3.120%
Interest already paid$46,343Through Nov 2026
Assumption only · ends Mar 2052$134,680
Assumption + second · ends Mar 2052, second Dec 2056$379,271
New conventional · ends Dec 2056$681,924