Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,861/mo
Lowest payment- Down payment
- $78,389
- Funds due
- $89,988
- Interest + MI left
- $131,266
- First ends
- Mar 2052
Assumption
Assumption + second
$2,182/mo
+$322/mo- Down payment
- $38,389
- Funds due
- $51,326
- Interest + MI left
- $207,131
- First ends
- Mar 2052
New loan
New conventional
$2,815/mo
+$954/mo- Down payment
- $38,389
- Funds due
- $47,681
- Interest + MI left
- $499,492
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,611 | $301,611 | $341,611 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,428.64 | $1,428.64 | $2,314.19 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $68.32 |
| Taxes, insurance & HOA | $432.00 | $432.00 | $432.00 |
| Total housing payment | $1,860.64 | $2,182.49 | $2,814.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,389
Closing costs & prepaids$12,938
Usable credit−$0
Total buyer cash needed$51,326
Earnest money paid−$0
Remaining funds due$51,326
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,508.06
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)$456.00
Initial HOA (3 months)$390.00
Prepaid interest, first (9 days)$226.83
Prepaid interest, second (9 days)$88.77
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 closing25 yr 3 moOf the original 30-year loan at 3.05%
Interest already paid$46,344Through Dec 2026
Assumption only · ends Mar 2052$131,266
Assumption + second · ends Mar 2052, second Jan 2057$207,131
New conventional · ends Jan 2057$499,492