Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,739/mo
Lowest payment- Down payment
- $220,834
- Funds due
- $233,564
- Interest + MI left
- $95,189
- First ends
- Nov 2050
Assumption
Assumption + second
$3,008/mo
+$1,269/mo- Down payment
- $47,834
- Funds due
- $62,155
- Interest + MI left
- $379,178
- First ends
- Nov 2050
New loan
New conventional
$3,501/mo
+$1,762/mo- Down payment
- $47,834
- Funds due
- $58,602
- Interest + MI left
- $624,587
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,166 | $254,166 | $427,166 |
| Second mortgage | — | $173,000 | — |
| First P&I | $1,217.27 | $1,217.27 | $2,893.77 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | — | — | $85.43 |
| Taxes, insurance & HOA | $521.67 | $521.67 | $521.67 |
| Total housing payment | $1,738.93 | $3,008.35 | $3,500.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,834
Closing costs & prepaids$14,321
Usable credit−$0
Total buyer cash needed$62,155
Earnest money paid−$0
Remaining funds due$62,155
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,270.83
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)$570.00
Initial HOA (3 months)$495.00
Prepaid interest, first (9 days)$176.11
Prepaid interest, second (9 days)$341.26
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 11 moOf the original 30-year loan at 2.81%
Interest already paid$47,162Through Dec 2026
Assumption only · ends Nov 2050$95,189
Assumption + second · ends Nov 2050, second Jan 2057$379,178
New conventional · ends Jan 2057$624,587