Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,708/mo
Lowest payment- Down payment
- $174,462
- Funds due
- $186,350
- Interest + MI left
- $93,842
- First ends
- May 2051
Assumption
Assumption + second
$2,677/mo
+$969/mo- Down payment
- $42,462
- Funds due
- $55,658
- Interest + MI left
- $310,527
- First ends
- May 2051
New loan
New conventional
$3,238/mo
+$1,530/mo- Down payment
- $42,462
- Funds due
- $52,027
- Interest + MI left
- $570,212
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,038 | $244,038 | $376,038 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,149.25 | $1,149.25 | $2,603.61 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | — | — | $75.21 |
| Taxes, insurance & HOA | $559.08 | $559.08 | $559.08 |
| Total housing payment | $1,708.34 | $2,676.91 | $3,237.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,462
Closing costs & prepaids$13,196
Usable credit−$0
Total buyer cash needed$55,658
Earnest money paid−$0
Remaining funds due$55,658
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,185.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,220.19
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)$987.25
Initial HOA (3 months)$240.00
Prepaid interest, first (2 days)$37.58
Prepaid interest, second (2 days)$57.86
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$40,555Through Nov 2026
Assumption only · ends May 2051$93,842
Assumption + second · ends May 2051, second Dec 2056$310,527
New conventional · ends Dec 2056$570,212