Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,318/mo
Lowest payment- Down payment
- $240,858
- Funds due
- $252,291
- Interest + MI left
- $70,970
- First ends
- Mar 2051
Assumption
Assumption + second
$2,756/mo
+$1,438/mo- Down payment
- $44,858
- Funds due
- $57,842
- Interest + MI left
- $392,714
- First ends
- Mar 2051
New loan
New conventional
$3,145/mo
+$1,827/mo- Down payment
- $44,858
- Funds due
- $54,497
- Interest + MI left
- $577,538
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,042 | $199,042 | $395,042 |
| Second mortgage | — | $196,000 | — |
| First P&I | $927.88 | $927.88 | $2,676.15 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $79.01 |
| Taxes, insurance & HOA | $390.00 | $390.00 | $390.00 |
| Total housing payment | $1,317.88 | $2,756.06 | $3,145.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,858
Closing costs & prepaids$12,984
Usable credit−$0
Total buyer cash needed$57,842
Earnest money paid−$0
Remaining funds due$57,842
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$995.21
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)$528.00
Initial HOA (3 months)$192.00
Prepaid interest, first (7 days)$101.16
Prepaid interest, second (7 days)$300.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3 moOf the original 30-year loan at 2.65%
Interest already paid$32,802Through Dec 2026
Assumption only · ends Mar 2051$70,970
Assumption + second · ends Mar 2051, second Jan 2057$392,714
New conventional · ends Jan 2057$577,538