Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,260/mo
Lowest payment- Down payment
- $121,251
- Funds due
- $134,853
- Interest + MI left
- $150,111
- First ends
- Nov 2051
Assumption
Assumption + second
$2,832/mo
+$571/mo- Down payment
- $50,251
- Funds due
- $65,261
- Interest + MI left
- $284,773
- First ends
- Nov 2051
New loan
New conventional
$3,628/mo
+$1,368/mo- Down payment
- $50,251
- Funds due
- $61,195
- Interest + MI left
- $657,606
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,748 | $378,748 | $449,748 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,768.76 | $1,768.76 | $3,046.75 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | — | — | $89.95 |
| Taxes, insurance & HOA | $491.67 | $491.67 | $491.67 |
| Total housing payment | $2,260.43 | $2,831.71 | $3,628.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,251
Closing costs & prepaids$15,010
Usable credit−$0
Total buyer cash needed$65,261
Earnest money paid−$0
Remaining funds due$65,261
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,893.74
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)$600.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$265.23
Prepaid interest, second (9 days)$157.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 2.84%
Interest already paid$58,396Through Dec 2026
Assumption only · ends Nov 2051$150,111
Assumption + second · ends Nov 2051, second Jan 2057$284,773
New conventional · ends Jan 2057$657,606