Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,887/mo
Lowest payment- Down payment
- $67,093
- Funds due
- $78,540
- Interest + MI left
- $125,369
- First ends
- Mar 2052
Assumption
Assumption + second
$2,145/mo
+$257/mo- Down payment
- $35,093
- Funds due
- $47,837
- Interest + MI left
- $186,062
- First ends
- Mar 2052
New loan
New conventional
$2,736/mo
+$849/mo- Down payment
- $35,093
- Funds due
- $44,209
- Interest + MI left
- $460,446
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,907 | $282,907 | $314,907 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,347.45 | $1,347.45 | $2,133.29 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | — | — | $62.98 |
| Taxes, insurance & HOA | $540.00 | $540.00 | $540.00 |
| Total housing payment | $1,887.45 | $2,144.93 | $2,736.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,093
Closing costs & prepaids$12,744
Usable credit−$0
Total buyer cash needed$47,837
Earnest money paid−$0
Remaining funds due$47,837
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,414.53
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)$420.00
Initial HOA (3 months)$750.00
Prepaid interest, first (6 days)$144.17
Prepaid interest, second (6 days)$47.34
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 3.1%
Interest already paid$44,162Through Dec 2026
Assumption only · ends Mar 2052$125,369
Assumption + second · ends Mar 2052, second Jan 2057$186,062
New conventional · ends Jan 2057$460,446