Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,626/mo
Lowest payment- Down payment
- $76,818
- Funds due
- $87,686
- Interest + MI left
- $106,290
- First ends
- Nov 2051
Assumption
Assumption + second
$1,964/mo
+$338/mo- Down payment
- $34,818
- Funds due
- $47,030
- Interest + MI left
- $185,949
- First ends
- Nov 2051
New loan
New conventional
$2,537/mo
+$911/mo- Down payment
- $34,818
- Funds due
- $43,566
- Interest + MI left
- $453,537
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,182 | $268,182 | $310,182 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,252.42 | $1,252.42 | $2,101.28 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | — | — | $62.04 |
| Taxes, insurance & HOA | $374.00 | $374.00 | $374.00 |
| Total housing payment | $1,626.42 | $1,964.36 | $2,537.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,818
Closing costs & prepaids$12,212
Usable credit−$0
Total buyer cash needed$47,030
Earnest money paid−$0
Remaining funds due$47,030
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,340.91
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)$414.00
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$187.80
Prepaid interest, second (9 days)$93.21
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$41,349Through Dec 2026
Assumption only · ends Nov 2051$106,290
Assumption + second · ends Nov 2051, second Jan 2057$185,949
New conventional · ends Jan 2057$453,537