Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,646/mo
Lowest payment- Down payment
- $226,874
- Funds due
- $242,284
- Interest + MI left
- $182,126
- First ends
- Sep 2050
Assumption
Assumption + second
$3,827/mo
+$1,181/mo- Down payment
- $65,874
- Funds due
- $82,781
- Interest + MI left
- $446,416
- First ends
- Sep 2050
New loan
New conventional
$4,596/mo
+$1,950/mo- Down payment
- $65,874
- Funds due
- $78,261
- Interest + MI left
- $854,082
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $423,121 | $423,121 | $584,121 |
| Second mortgage | — | $161,000 | — |
| First P&I | $2,123.67 | $2,123.67 | $3,957.04 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | — | — | $116.82 |
| Taxes, insurance & HOA | $522.00 | $522.00 | $522.00 |
| Total housing payment | $2,645.67 | $3,827.03 | $4,595.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,874
Closing costs & prepaids$16,907
Usable credit−$0
Total buyer cash needed$82,781
Earnest money paid−$0
Remaining funds due$82,781
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,115.61
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)$780.00
Initial HOA (3 months)$285.99
Prepaid interest, first (7 days)$260.48
Prepaid interest, second (7 days)$247.01
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 closing23 yr 9 moOf the original 30-year loan at 3.21%
Interest already paid$91,957Through Dec 2026
Assumption only · ends Sep 2050$182,126
Assumption + second · ends Sep 2050, second Jan 2057$446,416
New conventional · ends Jan 2057$854,082