Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,038/mo
Lowest payment- Down payment
- $156,131
- Funds due
- $172,525
- Interest + MI left
- $229,055
- First ends
- Nov 2051
Assumption
Assumption + second
$3,746/mo
+$708/mo- Down payment
- $68,131
- Funds due
- $85,970
- Interest + MI left
- $395,959
- First ends
- Nov 2051
New loan
New conventional
$4,794/mo
+$1,756/mo- Down payment
- $68,131
- Funds due
- $81,134
- Interest + MI left
- $887,341
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $518,868 | $518,868 | $606,868 |
| Second mortgage | — | $88,000 | — |
| First P&I | $2,476.70 | $2,476.70 | $4,111.14 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $121.37 |
| Taxes, insurance & HOA | $561.67 | $561.67 | $561.67 |
| Total housing payment | $3,038.36 | $3,746.43 | $4,794.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,131
Closing costs & prepaids$17,839
Usable credit−$0
Total buyer cash needed$85,970
Earnest money paid−$0
Remaining funds due$85,970
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,749.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,594.34
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)$810.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$396.61
Prepaid interest, second (9 days)$195.29
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 3.1%
Interest already paid$86,529Through Dec 2026
Assumption only · ends Nov 2051$229,055
Assumption + second · ends Nov 2051, second Jan 2057$395,959
New conventional · ends Jan 2057$887,341