Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,653/mo
Lowest payment- Down payment
- $132,671
- Funds due
- $143,954
- Interest + MI left
- $96,832
- First ends
- Jul 2050
Assumption
Assumption + second
$2,410/mo
+$756/mo- Down payment
- $38,671
- Funds due
- $51,413
- Interest + MI left
- $275,116
- First ends
- Jul 2050
New loan
New conventional
$2,807/mo
+$1,154/mo- Down payment
- $38,671
- Funds due
- $47,972
- Interest + MI left
- $494,625
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,329 | $244,329 | $338,329 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,205.52 | $1,205.52 | $2,291.96 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | — | — | $67.67 |
| Taxes, insurance & HOA | $447.83 | $447.83 | $447.83 |
| Total housing payment | $1,653.35 | $2,409.70 | $2,807.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,671
Closing costs & prepaids$12,742
Usable credit−$0
Total buyer cash needed$51,413
Earnest money paid−$0
Remaining funds due$51,413
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,770.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,221.65
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)$452.50
Initial HOA (3 months)$441.00
Prepaid interest, first (9 days)$180.74
Prepaid interest, second (9 days)$208.60
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 7 moOf the original 30-year loan at 3%
Interest already paid$51,218Through Dec 2026
Assumption only · ends Jul 2050$96,832
Assumption + second · ends Jul 2050, second Jan 2057$275,116
New conventional · ends Jan 2057$494,625