Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,851/mo
Lowest payment- Down payment
- $187,174
- Funds due
- $199,806
- Interest + MI left
- $106,177
- First ends
- Dec 2051
Assumption
Assumption + second
$2,893/mo
+$1,042/mo- Down payment
- $45,174
- Funds due
- $59,336
- Interest + MI left
- $339,277
- First ends
- Dec 2051
New loan
New conventional
$3,445/mo
+$1,593/mo- Down payment
- $45,174
- Funds due
- $55,778
- Interest + MI left
- $591,923
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,826 | $262,826 | $404,826 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,230.01 | $1,230.01 | $2,742.43 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | — | — | $80.97 |
| Taxes, insurance & HOA | $621.33 | $621.33 | $621.33 |
| Total housing payment | $1,851.34 | $2,893.29 | $3,444.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,174
Closing costs & prepaids$14,163
Usable credit−$0
Total buyer cash needed$59,336
Earnest money paid−$0
Remaining funds due$59,336
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,314.13
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)$540.00
Initial HOA (3 months)$873.99
Prepaid interest, first (9 days)$186.64
Prepaid interest, second (9 days)$280.11
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 yrOf the original 30-year loan at 2.88%
Interest already paid$40,353Through Dec 2026
Assumption only · ends Dec 2051$106,177
Assumption + second · ends Dec 2051, second Jan 2057$339,277
New conventional · ends Jan 2057$591,923