Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,468/mo
Lowest payment- Down payment
- $69,008
- Funds due
- $82,489
- Interest + MI left
- $156,889
- First ends
- May 2051
Assumption
Assumption + second
$2,926/mo
+$459/mo- Down payment
- $24,008
- Funds due
- $38,768
- Interest + MI left
- $276,967
- First ends
- May 2051
New loan
New conventional
$3,774/mo
+$1,306/mo- Down payment
- $24,008
- Funds due
- $34,536
- Interest + MI left
- $689,439
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,992 | $407,992 | $452,992 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,921.36 | $1,921.36 | $3,136.43 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | — | — | $90.60 |
| Taxes, insurance & HOA | $546.50 | $546.50 | $546.50 |
| Total housing payment | $2,467.86 | $2,926.41 | $3,773.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,008
Closing costs & prepaids$14,760
Usable credit−$0
Total buyer cash needed$38,768
Earnest money paid−$0
Remaining funds due$38,768
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,770.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,039.96
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)$827.50
Initial HOA (3 months)$312.00
Prepaid interest, first (2 days)$62.82
Prepaid interest, second (2 days)$29.28
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 closing24 yr 6 moOf the original 30-year loan at 2.810%
Interest already paid$67,801Through Nov 2026
Assumption only · ends May 2051$156,889
Assumption + second · ends May 2051, second Dec 2056$276,967
New conventional · ends Dec 2056$689,439