Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,692/mo
Lowest payment- Down payment
- $90,892
- Funds due
- $101,571
- Interest + MI left
- $123,973
- First ends
- May 2051
Assumption
Assumption + second
$2,151/mo
+$459/mo- Down payment
- $33,892
- Funds due
- $45,849
- Interest + MI left
- $232,082
- First ends
- May 2051
New loan
New conventional
$2,563/mo
+$871/mo- Down payment
- $33,892
- Funds due
- $42,320
- Interest + MI left
- $447,433
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,108 | $238,108 | $295,108 |
| Second mortgage | — | $57,000 | — |
| First P&I | $1,231.57 | $1,231.57 | $2,043.27 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | — | — | $59.02 |
| Taxes, insurance & HOA | $460.84 | $460.84 | $460.84 |
| Total housing payment | $1,692.41 | $2,151.04 | $2,563.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,892
Closing costs & prepaids$11,957
Usable credit−$0
Total buyer cash needed$45,849
Earnest money paid−$0
Remaining funds due$45,849
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,190.54
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)$822.50
Initial HOA (3 months)$110.01
Prepaid interest, first (2 days)$48.14
Prepaid interest, second (2 days)$28.11
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 29-year loan at 3.690%
Interest already paid$41,693Through Nov 2026
Assumption only · ends May 2051$123,973
Assumption + second · ends May 2051, second Dec 2056$232,082
New conventional · ends Dec 2056$447,433