Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,757/mo
Lowest payment- Down payment
- $209,520
- Funds due
- $222,105
- Interest + MI left
- $125,152
- First ends
- Mar 2052
Assumption
Assumption + second
$2,931/mo
+$1,174/mo- Down payment
- $49,520
- Funds due
- $63,425
- Interest + MI left
- $387,800
- First ends
- Mar 2052
New loan
New conventional
$3,560/mo
+$1,803/mo- Down payment
- $49,520
- Funds due
- $59,546
- Interest + MI left
- $667,778
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,380 | $280,380 | $440,380 |
| Second mortgage | — | $160,000 | — |
| First P&I | $1,333.99 | $1,333.99 | $3,049.10 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | — | — | $88.08 |
| Taxes, insurance & HOA | $422.92 | $422.92 | $422.92 |
| Total housing payment | $1,756.90 | $2,930.93 | $3,560.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,520
Closing costs & prepaids$13,906
Usable credit−$0
Total buyer cash needed$63,425
Earnest money paid−$0
Remaining funds due$63,425
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,401.90
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)$429.75
Initial HOA (3 months)$339.00
Prepaid interest, first (2 days)$47.78
Prepaid interest, second (2 days)$70.14
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 closing25 yr 4 moOf the original 30-year loan at 3.110%
Interest already paid$43,083Through Nov 2026
Assumption only · ends Mar 2052$125,152
Assumption + second · ends Mar 2052, second Dec 2056$387,800
New conventional · ends Dec 2056$667,778