Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,796/mo
Lowest payment- Down payment
- $290,599
- Funds due
- $303,926
- Interest + MI left
- $110,231
- First ends
- May 2050
Assumption
Assumption + second
$3,494/mo
+$1,698/mo- Down payment
- $53,599
- Funds due
- $68,629
- Interest + MI left
- $484,474
- First ends
- May 2050
New loan
New conventional
$3,876/mo
+$2,081/mo- Down payment
- $53,599
- Funds due
- $65,036
- Interest + MI left
- $697,601
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,101 | $240,101 | $477,101 |
| Second mortgage | — | $237,000 | — |
| First P&I | $1,246.73 | $1,246.73 | $3,232.05 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | — | — | $95.42 |
| Taxes, insurance & HOA | $548.92 | $548.92 | $548.92 |
| Total housing payment | $1,795.65 | $3,493.55 | $3,876.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,599
Closing costs & prepaids$15,029
Usable credit−$0
Total buyer cash needed$68,629
Earnest money paid−$0
Remaining funds due$68,629
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,307.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,200.50
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)$636.75
Initial HOA (3 months)$510.00
Prepaid interest, first (9 days)$204.25
Prepaid interest, second (9 days)$452.90
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 closing23 yr 5 moOf the original 30-year loan at 3.45%
Interest already paid$59,218Through Dec 2026
Assumption only · ends May 2050$110,231
Assumption + second · ends May 2050, second Jan 2057$484,474
New conventional · ends Jan 2057$697,601