Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,560/mo
Lowest payment- Down payment
- $85,399
- Funds due
- $95,964
- Interest + MI left
- $93,319
- First ends
- May 2051
Assumption
Assumption + second
$1,970/mo
+$410/mo- Down payment
- $34,399
- Funds due
- $46,227
- Interest + MI left
- $190,048
- First ends
- May 2051
New loan
New conventional
$2,535/mo
+$975/mo- Down payment
- $34,399
- Funds due
- $42,622
- Interest + MI left
- $455,610
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,501 | $249,501 | $300,501 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,166.06 | $1,166.06 | $2,080.61 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $60.10 |
| Taxes, insurance & HOA | $393.92 | $393.92 | $393.92 |
| Total housing payment | $1,559.98 | $1,970.33 | $2,534.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,399
Closing costs & prepaids$11,828
Usable credit−$0
Total buyer cash needed$46,227
Earnest money paid−$0
Remaining funds due$46,227
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,247.50
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)$453.75
Initial HOA (3 months)$278.01
Prepaid interest, first (1 days)$18.73
Prepaid interest, second (1 days)$12.58
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 2.740%
Interest already paid$40,461Through Nov 2026
Assumption only · ends May 2051$93,319
Assumption + second · ends May 2051, second Dec 2056$190,048
New conventional · ends Dec 2056$455,610