Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,026/mo
Lowest payment- Down payment
- $207,747
- Funds due
- $217,817
- Interest + MI left
- $54,702
- First ends
- May 2051
Assumption
Assumption + second
$2,288/mo
+$1,262/mo- Down payment
- $35,747
- Funds due
- $47,142
- Interest + MI left
- $337,049
- First ends
- May 2051
New loan
New conventional
$2,595/mo
+$1,569/mo- Down payment
- $35,747
- Funds due
- $44,060
- Interest + MI left
- $476,523
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,253 | $142,253 | $314,253 |
| Second mortgage | — | $172,000 | — |
| First P&I | $669.91 | $669.91 | $2,175.82 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $62.85 |
| Taxes, insurance & HOA | $356.17 | $356.17 | $356.17 |
| Total housing payment | $1,026.08 | $2,288.15 | $2,594.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,747
Closing costs & prepaids$11,395
Usable credit−$0
Total buyer cash needed$47,142
Earnest money paid−$0
Remaining funds due$47,142
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$711.26
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)$420.50
Initial HOA (3 months)$198.00
Prepaid interest, first (2 days)$21.90
Prepaid interest, second (2 days)$75.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yr 6 moOf the original 30-year loan at 2.810%
Interest already paid$23,640Through Nov 2026
Assumption only · ends May 2051$54,702
Assumption + second · ends May 2051, second Dec 2056$337,049
New conventional · ends Dec 2056$476,523