Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,917/mo
Lowest payment- Down payment
- $74,393
- Funds due
- $89,479
- Interest + MI left
- $229,309
- First ends
- Mar 2052
Assumption
Assumption + second
$3,365/mo
+$448/mo- Down payment
- $30,393
- Funds due
- $46,815
- Interest + MI left
- $346,719
- First ends
- Mar 2052
New loan
New conventional
$4,362/mo
+$1,444/mo- Down payment
- $30,393
- Funds due
- $42,201
- Interest + MI left
- $821,148
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $515,607 | $515,607 | $559,607 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,458.47 | $2,458.47 | $3,790.97 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | — | — | $111.92 |
| Taxes, insurance & HOA | $458.67 | $458.67 | $458.67 |
| Total housing payment | $2,917.14 | $3,365.50 | $4,361.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,393
Closing costs & prepaids$16,422
Usable credit−$0
Total buyer cash needed$46,815
Earnest money paid−$0
Remaining funds due$46,815
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,578.04
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)$708.00
Initial HOA (3 months)$168.00
Prepaid interest, first (6 days)$263.60
Prepaid interest, second (6 days)$85.89
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 yr 3 moOf the original 30-year loan at 3.11%
Interest already paid$80,740Through Dec 2026
Assumption only · ends Mar 2052$229,309
Assumption + second · ends Mar 2052, second Jan 2057$346,719
New conventional · ends Jan 2057$821,148