Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,316/mo
Lowest payment- Down payment
- $90,292
- Funds due
- $99,626
- Interest + MI left
- $75,736
- First ends
- May 2049
Assumption
Assumption + second
$1,855/mo
+$539/mo- Down payment
- $23,292
- Funds due
- $33,909
- Interest + MI left
- $202,811
- First ends
- May 2049
New loan
New conventional
$1,974/mo
+$658/mo- Down payment
- $23,292
- Funds due
- $30,976
- Interest + MI left
- $305,823
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,708 | $134,708 | $201,708 |
| Second mortgage | — | $67,000 | — |
| First P&I | $779.42 | $779.42 | $1,396.59 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $40.34 |
| Taxes, insurance & HOA | $536.83 | $536.83 | $536.83 |
| Total housing payment | $1,316.26 | $1,855.35 | $1,973.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,292
Closing costs & prepaids$10,617
Usable credit−$0
Total buyer cash needed$33,909
Earnest money paid−$0
Remaining funds due$33,909
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$673.54
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)$443.50
Initial HOA (3 months)$717.00
Prepaid interest, first (2 days)$31.74
Prepaid interest, second (2 days)$33.04
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 4.300%
Interest already paid$47,356Through Nov 2026
Assumption only · ends May 2049$75,736
Assumption + second · ends May 2049, second Dec 2056$202,811
New conventional · ends Dec 2056$305,823