Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$674/mo
Lowest payment- Down payment
- $115,661
- Funds due
- $123,733
- Interest + MI left
- $37,374
- First ends
- Mar 2052
Assumption
Assumption + second
$1,439/mo
+$764/mo- Down payment
- $20,661
- Funds due
- $30,194
- Interest + MI left
- $217,555
- First ends
- Mar 2052
New loan
New conventional
$1,523/mo
+$849/mo- Down payment
- $20,661
- Funds due
- $27,564
- Interest + MI left
- $262,152
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,339 | $84,339 | $179,339 |
| Second mortgage | — | $95,000 | — |
| First P&I | $401.69 | $401.69 | $1,214.90 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $35.87 |
| Taxes, insurance & HOA | $272.50 | $272.50 | $272.50 |
| Total housing payment | $674.19 | $1,438.59 | $1,523.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,661
Closing costs & prepaids$9,532
Usable credit−$0
Total buyer cash needed$30,194
Earnest money paid−$0
Remaining funds due$30,194
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$421.69
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)$240.00
Initial HOA (3 months)$127.50
Prepaid interest, first (9 days)$64.47
Prepaid interest, second (9 days)$210.82
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 closing25 yr 3 moOf the original 30-year loan at 3.1%
Interest already paid$13,165Through Dec 2026
Assumption only · ends Mar 2052$37,374
Assumption + second · ends Mar 2052, second Jan 2057$217,555
New conventional · ends Jan 2057$262,152