Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,627/mo
Lowest payment- Down payment
- $143,535
- Funds due
- $154,888
- Interest + MI left
- $95,550
- First ends
- May 2051
Assumption
Assumption + second
$2,383/mo
+$756/mo- Down payment
- $40,535
- Funds due
- $53,161
- Interest + MI left
- $264,630
- First ends
- May 2051
New loan
New conventional
$2,987/mo
+$1,360/mo- Down payment
- $40,535
- Funds due
- $49,466
- Interest + MI left
- $543,565
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,465 | $255,465 | $358,465 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,193.93 | $1,193.93 | $2,481.94 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $71.69 |
| Taxes, insurance & HOA | $433.00 | $433.00 | $433.00 |
| Total housing payment | $1,626.93 | $2,382.71 | $2,986.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,535
Closing costs & prepaids$12,626
Usable credit−$0
Total buyer cash needed$53,161
Earnest money paid−$0
Remaining funds due$53,161
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,277.33
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)$579.00
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$19.18
Prepaid interest, second (1 days)$22.58
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$41,428Through Nov 2026
Assumption only · ends May 2051$95,550
Assumption + second · ends May 2051, second Dec 2056$264,630
New conventional · ends Dec 2056$543,565