Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,818/mo
Lowest payment- Down payment
- $205,643
- Funds due
- $218,489
- Interest + MI left
- $110,611
- First ends
- Jan 2051
Assumption
Assumption + second
$2,955/mo
+$1,137/mo- Down payment
- $50,643
- Funds due
- $64,977
- Interest + MI left
- $365,052
- First ends
- Jan 2051
New loan
New conventional
$3,550/mo
+$1,732/mo- Down payment
- $50,643
- Funds due
- $61,179
- Interest + MI left
- $656,888
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,257 | $294,257 | $449,257 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,400.93 | $1,400.93 | $3,043.42 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $89.85 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $1,817.59 | $2,954.93 | $3,549.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,643
Closing costs & prepaids$14,334
Usable credit−$0
Total buyer cash needed$64,977
Earnest money paid−$0
Remaining funds due$64,977
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,471.29
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)$600.00
Initial HOA (3 months)$150.00
Prepaid interest, first (7 days)$158.01
Prepaid interest, second (7 days)$237.81
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 1 moOf the original 30-year loan at 2.8%
Interest already paid$52,777Through Dec 2026
Assumption only · ends Jan 2051$110,611
Assumption + second · ends Jan 2051, second Jan 2057$365,052
New conventional · ends Jan 2057$656,888