Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,799/mo
Lowest payment- Down payment
- $163,479
- Funds due
- $175,921
- Interest + MI left
- $122,952
- First ends
- Dec 2051
Assumption
Assumption + second
$2,650/mo
+$851/mo- Down payment
- $47,479
- Funds due
- $61,324
- Interest + MI left
- $313,372
- First ends
- Dec 2051
New loan
New conventional
$3,311/mo
+$1,512/mo- Down payment
- $47,479
- Funds due
- $57,479
- Interest + MI left
- $616,333
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,521 | $305,521 | $421,521 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,428.24 | $1,428.24 | $2,855.53 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $84.30 |
| Taxes, insurance & HOA | $370.92 | $370.92 | $370.92 |
| Total housing payment | $1,799.16 | $2,650.33 | $3,310.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,479
Closing costs & prepaids$13,845
Usable credit−$0
Total buyer cash needed$61,324
Earnest money paid−$0
Remaining funds due$61,324
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,527.61
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)$562.75
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$144.14
Prepaid interest, second (6 days)$152.55
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 closing25 yrOf the original 30-year loan at 2.87%
Interest already paid$46,750Through Dec 2026
Assumption only · ends Dec 2051$122,952
Assumption + second · ends Dec 2051, second Jan 2057$313,372
New conventional · ends Jan 2057$616,333