Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,505/mo
Lowest payment- Down payment
- $176,820
- Funds due
- $187,699
- Interest + MI left
- $84,084
- First ends
- Feb 2050
Assumption
Assumption + second
$2,547/mo
+$1,042/mo- Down payment
- $34,820
- Funds due
- $46,980
- Interest + MI left
- $317,184
- First ends
- Feb 2050
New loan
New conventional
$2,811/mo
+$1,305/mo- Down payment
- $34,820
- Funds due
- $43,763
- Interest + MI left
- $470,409
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,180 | $168,180 | $310,180 |
| Second mortgage | — | $142,000 | — |
| First P&I | $904.17 | $904.17 | $2,147.62 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | — | — | $62.04 |
| Taxes, insurance & HOA | $601.00 | $601.00 | $601.00 |
| Total housing payment | $1,505.17 | $2,547.12 | $2,810.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,820
Closing costs & prepaids$12,160
Usable credit−$0
Total buyer cash needed$46,980
Earnest money paid−$0
Remaining funds due$46,980
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$840.90
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)$441.00
Initial HOA (3 months)$912.00
Prepaid interest, first (1 days)$17.28
Prepaid interest, second (1 days)$31.12
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 closing23 yr 3 moOf the original 30-year loan at 3.750%
Interest already paid$46,181Through Nov 2026
Assumption only · ends Feb 2050$84,084
Assumption + second · ends Feb 2050, second Dec 2056$317,184
New conventional · ends Dec 2056$470,409