Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,707/mo
Lowest payment- Down payment
- $205,019
- Funds due
- $220,865
- Interest + MI left
- $192,176
- First ends
- Nov 2051
Assumption
Assumption + second
$3,705/mo
+$998/mo- Down payment
- $69,019
- Funds due
- $86,294
- Interest + MI left
- $415,427
- First ends
- Nov 2051
New loan
New conventional
$4,773/mo
+$2,066/mo- Down payment
- $69,019
- Funds due
- $81,464
- Interest + MI left
- $907,831
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $484,881 | $484,881 | $620,881 |
| Second mortgage | — | $136,000 | — |
| First P&I | $2,264.40 | $2,264.40 | $4,206.06 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $124.18 |
| Taxes, insurance & HOA | $442.67 | $442.67 | $442.67 |
| Total housing payment | $2,707.07 | $3,704.99 | $4,772.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,019
Closing costs & prepaids$17,275
Usable credit−$0
Total buyer cash needed$86,294
Earnest money paid−$0
Remaining funds due$86,294
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,424.41
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)$828.00
Prepaid interest, first (6 days)$226.37
Prepaid interest, second (6 days)$178.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 11 moOf the original 30-year loan at 2.84%
Interest already paid$74,760Through Dec 2026
Assumption only · ends Nov 2051$192,176
Assumption + second · ends Nov 2051, second Jan 2057$415,427
New conventional · ends Jan 2057$907,831