Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,257/mo
Lowest payment- Down payment
- $99,646
- Funds due
- $112,793
- Interest + MI left
- $157,051
- First ends
- Nov 2051
Assumption
Assumption + second
$2,659/mo
+$402/mo- Down payment
- $49,646
- Funds due
- $64,055
- Interest + MI left
- $251,883
- First ends
- Nov 2051
New loan
New conventional
$3,569/mo
+$1,312/mo- Down payment
- $49,646
- Funds due
- $59,611
- Interest + MI left
- $667,587
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $390,254 | $390,254 | $440,254 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,824.35 | $1,824.35 | $3,048.23 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $88.05 |
| Taxes, insurance & HOA | $432.75 | $432.75 | $432.75 |
| Total housing payment | $2,257.10 | $2,659.41 | $3,569.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,646
Closing costs & prepaids$14,410
Usable credit−$0
Total buyer cash needed$64,055
Earnest money paid−$0
Remaining funds due$64,055
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,951.27
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)$563.25
Initial HOA (3 months)$234.99
Prepaid interest, first (1 days)$30.69
Prepaid interest, second (1 days)$12.33
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 yrOf the original 30-year loan at 2.870%
Interest already paid$59,715Through Nov 2026
Assumption only · ends Nov 2051$157,051
Assumption + second · ends Nov 2051, second Dec 2056$251,883
New conventional · ends Dec 2056$667,587