Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,588/mo
Lowest payment- Down payment
- $213,833
- Funds due
- $225,513
- Interest + MI left
- $108,566
- First ends
- Jun 2050
Assumption
Assumption + second
$2,836/mo
+$1,247/mo- Down payment
- $43,833
- Funds due
- $57,098
- Interest + MI left
- $387,630
- First ends
- Jun 2050
New loan
New conventional
$3,147/mo
+$1,559/mo- Down payment
- $43,833
- Funds due
- $53,669
- Interest + MI left
- $571,951
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,167 | $221,167 | $391,167 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,169.27 | $1,169.27 | $2,649.90 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $78.23 |
| Taxes, insurance & HOA | $419.00 | $419.00 | $419.00 |
| Total housing payment | $1,588.27 | $2,835.67 | $3,147.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,833
Closing costs & prepaids$13,265
Usable credit−$0
Total buyer cash needed$57,098
Earnest money paid−$0
Remaining funds due$57,098
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,105.84
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)$522.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$199.05
Prepaid interest, second (9 days)$335.34
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 6 moOf the original 30-year loan at 3.65%
Interest already paid$56,770Through Dec 2026
Assumption only · ends Jun 2050$108,566
Assumption + second · ends Jun 2050, second Jan 2057$387,630
New conventional · ends Jan 2057$571,951