Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,335/mo
Lowest payment- Down payment
- $249,532
- Funds due
- $261,018
- Interest + MI left
- $68,177
- First ends
- Dec 2050
Assumption
Assumption + second
$2,818/mo
+$1,483/mo- Down payment
- $42,532
- Funds due
- $55,663
- Interest + MI left
- $395,047
- First ends
- Dec 2050
New loan
New conventional
$3,155/mo
+$1,820/mo- Down payment
- $42,532
- Funds due
- $52,475
- Interest + MI left
- $558,793
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,168 | $175,168 | $382,168 |
| Second mortgage | — | $207,000 | — |
| First P&I | $844.95 | $844.95 | $2,588.94 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | — | — | $76.43 |
| Taxes, insurance & HOA | $489.92 | $489.92 | $489.92 |
| Total housing payment | $1,334.86 | $2,817.84 | $3,155.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,532
Closing costs & prepaids$13,131
Usable credit−$0
Total buyer cash needed$55,663
Earnest money paid−$0
Remaining funds due$55,663
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,247.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$875.84
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)$509.75
Initial HOA (3 months)$510.00
Prepaid interest, first (9 days)$125.26
Prepaid interest, second (9 days)$395.57
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 yrOf the original 30-year loan at 2.9%
Interest already paid$33,004Through Dec 2026
Assumption only · ends Dec 2050$68,177
Assumption + second · ends Dec 2050, second Jan 2057$395,047
New conventional · ends Jan 2057$558,793