Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,830/mo
Lowest payment- Down payment
- $110,140
- Funds due
- $121,871
- Interest + MI left
- $113,117
- First ends
- Mar 2051
Assumption
Assumption + second
$2,370/mo
+$539/mo- Down payment
- $43,140
- Funds due
- $56,155
- Interest + MI left
- $240,192
- First ends
- Mar 2051
New loan
New conventional
$3,085/mo
+$1,254/mo- Down payment
- $43,140
- Funds due
- $52,183
- Interest + MI left
- $578,888
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,760 | $314,760 | $381,760 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,465.33 | $1,465.33 | $2,643.23 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $76.35 |
| Taxes, insurance & HOA | $365.08 | $365.08 | $365.08 |
| Total housing payment | $1,830.42 | $2,369.51 | $3,084.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,140
Closing costs & prepaids$13,015
Usable credit−$0
Total buyer cash needed$56,155
Earnest money paid−$0
Remaining funds due$56,155
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,573.80
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)$330.25
Initial HOA (3 months)$315.00
Prepaid interest, first (2 days)$45.88
Prepaid interest, second (2 days)$33.04
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 4 moOf the original 30-year loan at 2.660%
Interest already paid$51,238Through Nov 2026
Assumption only · ends Mar 2051$113,117
Assumption + second · ends Mar 2051, second Dec 2056$240,192
New conventional · ends Dec 2056$578,888