Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,670/mo
Lowest payment- Down payment
- $101,927
- Funds due
- $112,975
- Interest + MI left
- $79,015
- First ends
- Mar 2051
Assumption
Assumption + second
$2,225/mo
+$555/mo- Down payment
- $32,927
- Funds due
- $45,259
- Interest + MI left
- $209,884
- First ends
- Mar 2051
New loan
New conventional
$2,698/mo
+$1,028/mo- Down payment
- $32,927
- Funds due
- $41,847
- Interest + MI left
- $435,251
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,073 | $218,073 | $287,073 |
| Second mortgage | — | $69,000 | — |
| First P&I | $1,017.43 | $1,017.43 | $1,987.64 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | — | — | $57.41 |
| Taxes, insurance & HOA | $652.50 | $652.50 | $652.50 |
| Total housing payment | $1,669.93 | $2,225.12 | $2,697.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,927
Closing costs & prepaids$12,332
Usable credit−$0
Total buyer cash needed$45,259
Earnest money paid−$0
Remaining funds due$45,259
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,090.36
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)$352.50
Initial HOA (3 months)$1,155.00
Prepaid interest, first (2 days)$32.02
Prepaid interest, second (2 days)$34.03
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 2.680%
Interest already paid$35,758Through Nov 2026
Assumption only · ends Mar 2051$79,015
Assumption + second · ends Mar 2051, second Dec 2056$209,884
New conventional · ends Dec 2056$435,251