Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,334/mo
Lowest payment- Down payment
- $402,631
- Funds due
- $415,782
- Interest + MI left
- $70,983
- First ends
- Aug 2051
Assumption
Assumption + second
$3,805/mo
+$2,472/mo- Down payment
- $57,631
- Funds due
- $72,179
- Interest + MI left
- $615,767
- First ends
- Aug 2051
New loan
New conventional
$4,200/mo
+$2,866/mo- Down payment
- $57,631
- Funds due
- $68,733
- Interest + MI left
- $784,625
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,369 | $172,369 | $517,369 |
| Second mortgage | — | $345,000 | — |
| First P&I | $819.37 | $819.37 | $3,582.16 |
| Second P&I | — | $2,471.62 | — |
| Mortgage insurance | — | — | $103.47 |
| Taxes, insurance & HOA | $514.42 | $514.42 | $514.42 |
| Total housing payment | $1,333.79 | $3,805.41 | $4,200.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,631
Closing costs & prepaids$14,548
Usable credit−$0
Total buyer cash needed$72,179
Earnest money paid−$0
Remaining funds due$72,179
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$861.84
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)$868.75
Initial HOA (3 months)$174.51
Prepaid interest, first (2 days)$27.96
Prepaid interest, second (2 days)$146.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 2.960%
Interest already paid$28,646Through Nov 2026
Assumption only · ends Aug 2051$70,983
Assumption + second · ends Aug 2051, second Dec 2056$615,767
New conventional · ends Dec 2056$784,625