Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,149/mo
Lowest payment- Down payment
- $143,870
- Funds due
- $157,199
- Interest + MI left
- $140,266
- First ends
- May 2051
Assumption
Assumption + second
$2,889/mo
+$740/mo- Down payment
- $51,870
- Funds due
- $66,586
- Interest + MI left
- $314,757
- First ends
- May 2051
New loan
New conventional
$3,616/mo
+$1,467/mo- Down payment
- $51,870
- Funds due
- $62,429
- Interest + MI left
- $669,770
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $366,130 | $366,130 | $458,130 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,728.32 | $1,728.32 | $3,103.53 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $91.63 |
| Taxes, insurance & HOA | $420.67 | $420.67 | $420.67 |
| Total housing payment | $2,148.98 | $2,889.23 | $3,615.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,870
Closing costs & prepaids$14,716
Usable credit−$0
Total buyer cash needed$66,586
Earnest money paid−$0
Remaining funds due$66,586
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,830.65
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)$612.00
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$169.12
Prepaid interest, second (6 days)$136.11
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 5 moOf the original 30-year loan at 2.81%
Interest already paid$61,848Through Dec 2026
Assumption only · ends May 2051$140,266
Assumption + second · ends May 2051, second Jan 2057$314,757
New conventional · ends Jan 2057$669,770