Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,953/mo
Lowest payment- Down payment
- $289,029
- Funds due
- $306,928
- Interest + MI left
- $181,221
- First ends
- Nov 2050
Assumption
Assumption + second
$4,479/mo
+$1,526/mo- Down payment
- $76,029
- Funds due
- $95,585
- Interest + MI left
- $517,566
- First ends
- Nov 2050
New loan
New conventional
$5,451/mo
+$2,498/mo- Down payment
- $76,029
- Funds due
- $90,897
- Interest + MI left
- $1,000,079
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $470,971 | $470,971 | $683,971 |
| Second mortgage | — | $213,000 | — |
| First P&I | $2,272.45 | $2,272.45 | $4,633.46 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | — | — | $136.79 |
| Taxes, insurance & HOA | $680.75 | $680.75 | $680.75 |
| Total housing payment | $2,953.19 | $4,479.15 | $5,451.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,029
Closing costs & prepaids$19,557
Usable credit−$0
Total buyer cash needed$95,585
Earnest money paid−$0
Remaining funds due$95,585
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,354.86
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$912.00
Initial HOA (3 months)$480.24
Prepaid interest, first (9 days)$334.45
Prepaid interest, second (9 days)$407.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 2.88%
Interest already paid$89,493Through Dec 2026
Assumption only · ends Nov 2050$181,221
Assumption + second · ends Nov 2050, second Jan 2057$517,566
New conventional · ends Jan 2057$1,000,079