Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,033/mo
Lowest payment- Down payment
- $136,048
- Funds due
- $148,520
- Interest + MI left
- $85,291
- First ends
- May 2051
Assumption
Assumption + second
$2,830/mo
+$797/mo- Down payment
- $37,048
- Funds due
- $50,795
- Interest + MI left
- $273,058
- First ends
- May 2051
New loan
New conventional
$3,301/mo
+$1,267/mo- Down payment
- $37,048
- Funds due
- $47,262
- Interest + MI left
- $497,296
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,952 | $228,952 | $327,952 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,068.85 | $1,068.85 | $2,270.67 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | — | — | $65.59 |
| Taxes, insurance & HOA | $964.25 | $964.25 | $964.25 |
| Total housing payment | $2,033.10 | $2,829.68 | $3,300.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,048
Closing costs & prepaids$13,747
Usable credit−$0
Total buyer cash needed$50,795
Earnest money paid−$0
Remaining funds due$50,795
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,144.76
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)$1,260.75
Initial HOA (3 months)$1,182.00
Prepaid interest, first (1 days)$17.12
Prepaid interest, second (1 days)$24.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$36,997Through Nov 2026
Assumption only · ends May 2051$85,291
Assumption + second · ends May 2051, second Dec 2056$273,058
New conventional · ends Dec 2056$497,296