Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,637/mo
Lowest payment- Down payment
- $114,221
- Funds due
- $125,325
- Interest + MI left
- $91,559
- First ends
- May 2051
Assumption
Assumption + second
$2,265/mo
+$628/mo- Down payment
- $36,221
- Funds due
- $48,613
- Interest + MI left
- $239,497
- First ends
- May 2051
New loan
New conventional
$2,797/mo
+$1,159/mo- Down payment
- $36,221
- Funds due
- $45,035
- Interest + MI left
- $491,033
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,779 | $245,779 | $323,779 |
| Second mortgage | — | $78,000 | — |
| First P&I | $1,147.41 | $1,147.41 | $2,241.78 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | — | — | $64.76 |
| Taxes, insurance & HOA | $490.00 | $490.00 | $490.00 |
| Total housing payment | $1,637.41 | $2,265.01 | $2,796.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,221
Closing costs & prepaids$12,392
Usable credit−$0
Total buyer cash needed$48,613
Earnest money paid−$0
Remaining funds due$48,613
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,228.89
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)$900.00
Initial HOA (3 months)$120.00
Prepaid interest, first (2 days)$36.77
Prepaid interest, second (2 days)$38.47
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 2.730%
Interest already paid$39,716Through Nov 2026
Assumption only · ends May 2051$91,559
Assumption + second · ends May 2051, second Dec 2056$239,497
New conventional · ends Dec 2056$491,033