Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,774/mo
Lowest payment- Down payment
- $148,382
- Funds due
- $159,843
- Interest + MI left
- $127,393
- First ends
- Dec 2049
Assumption
Assumption + second
$2,552/mo
+$778/mo- Down payment
- $42,382
- Funds due
- $55,233
- Interest + MI left
- $301,397
- First ends
- Dec 2049
New loan
New conventional
$2,954/mo
+$1,180/mo- Down payment
- $42,382
- Funds due
- $51,564
- Interest + MI left
- $548,410
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,118 | $269,118 | $375,118 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,436.63 | $1,436.63 | $2,541.18 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $75.02 |
| Taxes, insurance & HOA | $337.83 | $337.83 | $337.83 |
| Total housing payment | $1,774.46 | $2,552.26 | $2,954.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,382
Closing costs & prepaids$12,851
Usable credit−$0
Total buyer cash needed$55,233
Earnest money paid−$0
Remaining funds due$55,233
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,175.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,345.59
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)$501.00
Initial HOA (3 months)$62.49
Prepaid interest, first (6 days)$159.70
Prepaid interest, second (6 days)$139.40
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 closing23 yrOf the original 30-year loan at 3.61%
Interest already paid$74,196Through Dec 2026
Assumption only · ends Dec 2049$127,393
Assumption + second · ends Dec 2049, second Jan 2057$301,397
New conventional · ends Jan 2057$548,410