Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,576/mo
Lowest payment- Down payment
- $115,559
- Funds due
- $125,812
- Interest + MI left
- $100,344
- First ends
- May 2049
Assumption
Assumption + second
$2,268/mo
+$692/mo- Down payment
- $29,559
- Funds due
- $41,105
- Interest + MI left
- $263,455
- First ends
- May 2049
New loan
New conventional
$2,410/mo
+$834/mo- Down payment
- $29,559
- Funds due
- $37,920
- Interest + MI left
- $393,408
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,441 | $173,441 | $259,441 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,014.02 | $1,014.02 | $1,796.32 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $51.89 |
| Taxes, insurance & HOA | $562.08 | $562.08 | $562.08 |
| Total housing payment | $1,576.10 | $2,268.08 | $2,410.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,559
Closing costs & prepaids$11,546
Usable credit−$0
Total buyer cash needed$41,105
Earnest money paid−$0
Remaining funds due$41,105
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$867.20
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)$1,236.25
Prepaid interest, first (2 days)$41.91
Prepaid interest, second (2 days)$42.41
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 closing22 yr 6 moOf the original 30-year loan at 4.410%
Interest already paid$62,446Through Nov 2026
Assumption only · ends May 2049$100,344
Assumption + second · ends May 2049, second Dec 2056$263,455
New conventional · ends Dec 2056$393,408