Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,988/mo
Lowest payment- Down payment
- $218,222
- Funds due
- $235,175
- Interest + MI left
- $149,388
- First ends
- Jun 2051
Assumption
Assumption + second
$4,074/mo
+$1,086/mo- Down payment
- $70,222
- Funds due
- $88,457
- Interest + MI left
- $392,338
- First ends
- Jun 2051
New loan
New conventional
$5,335/mo
+$2,346/mo- Down payment
- $70,222
- Funds due
- $83,368
- Interest + MI left
- $954,949
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $481,678 | $481,678 | $629,678 |
| Second mortgage | — | $148,000 | — |
| First P&I | $2,139.21 | $2,139.21 | $4,359.76 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | — | — | $125.94 |
| Taxes, insurance & HOA | $848.84 | $848.84 | $848.84 |
| Total housing payment | $2,988.04 | $4,074.01 | $5,334.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,222
Closing costs & prepaids$18,235
Usable credit−$0
Total buyer cash needed$88,457
Earnest money paid−$0
Remaining funds due$88,457
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,408.39
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)$1,755.00
Initial HOA (3 months)$291.51
Prepaid interest, first (1 days)$30.35
Prepaid interest, second (1 days)$32.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 2.300%
Interest already paid$64,801Through Nov 2026
Assumption only · ends Jun 2051$149,388
Assumption + second · ends Jun 2051, second Dec 2056$392,338
New conventional · ends Dec 2056$954,949