Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,074/mo
Lowest payment- Down payment
- $104,265
- Funds due
- $116,785
- Interest + MI left
- $146,121
- First ends
- Mar 2052
Assumption
Assumption + second
$2,557/mo
+$483/mo- Down payment
- $44,265
- Funds due
- $58,168
- Interest + MI left
- $259,919
- First ends
- Mar 2052
New loan
New conventional
$3,222/mo
+$1,148/mo- Down payment
- $44,265
- Funds due
- $54,338
- Interest + MI left
- $569,779
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,735 | $329,735 | $389,735 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,570.48 | $1,570.48 | $2,640.20 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | — | — | $77.95 |
| Taxes, insurance & HOA | $503.58 | $503.58 | $503.58 |
| Total housing payment | $2,074.06 | $2,556.84 | $3,221.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,265
Closing costs & prepaids$13,903
Usable credit−$0
Total buyer cash needed$58,168
Earnest money paid−$0
Remaining funds due$58,168
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,340.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,648.67
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)$520.75
Initial HOA (3 months)$540.00
Prepaid interest, first (9 days)$252.04
Prepaid interest, second (9 days)$133.15
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 closing25 yr 3 moOf the original 30-year loan at 3.1%
Interest already paid$51,472Through Dec 2026
Assumption only · ends Mar 2052$146,121
Assumption + second · ends Mar 2052, second Jan 2057$259,919
New conventional · ends Jan 2057$569,779